GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.4%

GigaCloud Technology Inc. (NASDAQ:GCT) shares rose 5.4% during mid-day trading on Thursday . The stock traded as high as $37.14 and last traded at $36.84. Approximately 1,014,805 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,100,366 shares. The stock had previously closed at $34.96.

Analyst Ratings Changes

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

GigaCloud Technology Stock Down 5.8 %

The company has a 50-day moving average of $32.90 and a 200 day moving average of $20.97. The firm has a market capitalization of $1.41 billion, a PE ratio of 15.08 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. As a group, equities analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total transaction of $1,522,840.00. Following the completion of the transaction, the chief executive officer now owns 1,105,816 shares of the company’s stock, valued at approximately $38,272,291.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer now owns 947,540 shares in the company, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the transaction, the chief executive officer now owns 1,105,816 shares of the company’s stock, valued at approximately $38,272,291.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 550,287 shares of company stock valued at $16,328,105. Insiders own 45.30% of the company’s stock.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently modified their holdings of the business. CWM LLC bought a new stake in shares of GigaCloud Technology in the 4th quarter worth $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology in the 4th quarter worth $47,000. State of Wyoming bought a new stake in shares of GigaCloud Technology in the second quarter worth $27,000. Morgan Stanley bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $25,000. Finally, Royal Bank of Canada bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $108,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.