GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Up 8.1% in March

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 2,810,000 shares, a growth of 8.1% from the March 15th total of 2,600,000 shares. Based on an average daily trading volume, of 3,160,000 shares, the days-to-cover ratio is currently 0.9 days. Currently, 17.0% of the company’s shares are sold short.

Analyst Ratings Changes

Separately, Roth Mkm boosted their price target on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

NASDAQ GCT traded down $0.52 on Wednesday, hitting $34.57. 2,097,892 shares of the company’s stock were exchanged, compared to its average volume of 3,121,726. The firm’s 50-day moving average price is $32.50 and its two-hundred day moving average price is $20.58. GigaCloud Technology has a fifty-two week low of $4.93 and a fifty-two week high of $45.18. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The company had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. On average, research analysts predict that GigaCloud Technology will post 2.58 earnings per share for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Xin Wan sold 150,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the transaction, the chief executive officer now owns 1,248,994 shares in the company, valued at approximately $36,882,792.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,287 shares of company stock valued at $13,340,395.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors have recently modified their holdings of GCT. Acadian Asset Management LLC purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth approximately $9,634,000. Bridgeway Capital Management LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $6,036,000. Verition Fund Management LLC purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $4,613,000. New York State Common Retirement Fund purchased a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $1,895,000. Finally, Quadrature Capital Ltd purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $2,803,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.