GigaCloud Technology (NASDAQ:GCT) Raised to Buy at Wall Street Zen

GigaCloud Technology (NASDAQ:GCT) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other research firms have also issued reports on GCT. Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. Zacks Research raised GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

GigaCloud Technology Trading Up 5.7%

Shares of NASDAQ GCT opened at $40.37 on Friday. GigaCloud Technology has a 1 year low of $11.17 and a 1 year high of $40.83. The firm’s 50-day moving average is $31.85 and its 200-day moving average is $26.88. The firm has a market capitalization of $1.50 billion, a PE ratio of 12.09 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The business had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same period in the previous year, the firm posted $1.15 earnings per share. GigaCloud Technology’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, equities research analysts anticipate that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its board has authorized a stock buyback plan on Monday, August 18th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, COO Xinyan Hao sold 800 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $40.04, for a total transaction of $32,032.00. Following the sale, the chief operating officer directly owned 357,486 shares in the company, valued at approximately $14,313,739.44. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 360,000 shares of company stock worth $12,049,792. 24.71% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in GCT. Arrowstreet Capital Limited Partnership bought a new stake in GigaCloud Technology in the 3rd quarter valued at $14,335,000. Nuveen LLC acquired a new stake in shares of GigaCloud Technology in the 1st quarter valued at about $6,502,000. UBS Group AG lifted its holdings in shares of GigaCloud Technology by 133.8% in the third quarter. UBS Group AG now owns 441,992 shares of the company’s stock valued at $12,553,000 after purchasing an additional 252,934 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of GigaCloud Technology by 67.7% in the second quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock valued at $6,723,000 after purchasing an additional 137,201 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of GigaCloud Technology during the third quarter worth about $3,852,000. 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.