GigaCloud Technology (NASDAQ:GCT) Trading Up 8.4% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price traded up 8.4% on Thursday . The company traded as high as $43.41 and last traded at $43.3250. 174,634 shares changed hands during trading, a decline of 81% from the average session volume of 897,357 shares. The stock had previously closed at $39.95.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings restated a “hold (c+)” rating on shares of GigaCloud Technology in a research report on Tuesday. Finally, Zacks Research upgraded GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, GigaCloud Technology has an average rating of “Moderate Buy” and a consensus price target of $24.00.

GigaCloud Technology Price Performance

The firm has a market capitalization of $1.50 billion, a PE ratio of 12.09 and a beta of 2.28. The business has a 50-day simple moving average of $33.01 and a 200-day simple moving average of $27.52.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, November 6th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.The firm had revenue of $332.64 million during the quarter, compared to analysts’ expectations of $300.96 million. During the same quarter in the previous year, the business earned $1.15 EPS. The company’s quarterly revenue was up 9.7% on a year-over-year basis. On average, research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Insider Activity

In related news, COO Xinyan Hao sold 800 shares of GigaCloud Technology stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $40.04, for a total transaction of $32,032.00. Following the completion of the transaction, the chief operating officer directly owned 357,486 shares of the company’s stock, valued at approximately $14,313,739.44. The trade was a 0.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 360,000 shares of company stock valued at $12,049,792. 24.71% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp boosted its holdings in GigaCloud Technology by 184.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after acquiring an additional 589 shares during the period. Quarry LP purchased a new stake in GigaCloud Technology in the third quarter worth $29,000. Larson Financial Group LLC purchased a new stake in shares of GigaCloud Technology during the third quarter valued at $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology during the third quarter valued at $30,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of GigaCloud Technology in the second quarter worth about $35,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.