GigaCloud Technology (NASDAQ:GCT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of GigaCloud Technology (NASDAQ:GCT) from a buy rating to a strong-buy rating in a report released on Saturday.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.00.

GigaCloud Technology Stock Down 3.0%

Shares of GCT stock opened at $43.01 on Friday. The business has a 50 day moving average of $39.49 and a two-hundred day moving average of $34.11. GigaCloud Technology has a 52 week low of $11.17 and a 52 week high of $48.00. The company has a market cap of $1.59 billion, a P/E ratio of 11.88 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The business had revenue of $362.75 million for the quarter, compared to analysts’ expectations of $332.33 million. During the same period in the prior year, the firm earned $0.76 EPS. The business’s quarterly revenue was up 22.6% on a year-over-year basis. Analysts expect that GigaCloud Technology will post 3.1 EPS for the current fiscal year.

Insider Activity

In related news, COO Xinyan Hao sold 49,200 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $40.07, for a total value of $1,971,444.00. Following the completion of the transaction, the chief operating officer owned 358,286 shares of the company’s stock, valued at approximately $14,356,520.02. This trade represents a 12.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Lei Wu sold 70,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $45.28, for a total transaction of $3,169,600.00. Following the transaction, the chief executive officer owned 608,090 shares in the company, valued at approximately $27,534,315.20. The trade was a 10.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 331,910 shares of company stock valued at $14,166,448. Insiders own 24.71% of the company’s stock.

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB bought a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $3,852,000. Hussman Strategic Advisors Inc. bought a new position in GigaCloud Technology during the third quarter valued at approximately $3,578,000. Teacher Retirement System of Texas acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $952,000. Inspire Investing LLC acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $1,040,000. Finally, Ethos Financial Group LLC grew its position in GigaCloud Technology by 53.5% in the second quarter. Ethos Financial Group LLC now owns 62,515 shares of the company’s stock worth $1,237,000 after acquiring an additional 21,798 shares in the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.