Zacks Research Upgrades GigaCloud Technology (NASDAQ:GCT) to Strong-Buy

GigaCloud Technology (NASDAQ:GCT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen raised shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat, GigaCloud Technology has an average rating of “Buy” and a consensus price target of $33.00.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $43.82 on Tuesday. GigaCloud Technology has a fifty-two week low of $11.17 and a fifty-two week high of $48.00. The firm has a market cap of $1.62 billion, a P/E ratio of 12.10 and a beta of 2.24. The business’s 50 day moving average price is $39.97 and its 200-day moving average price is $34.68.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, February 26th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.51. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company had revenue of $362.75 million during the quarter, compared to the consensus estimate of $332.33 million. During the same quarter in the prior year, the company earned $0.76 earnings per share. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. As a group, equities analysts predict that GigaCloud Technology will post 3.1 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 100,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the completion of the transaction, the chief technology officer owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. This trade represents a 12.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Lei Wu sold 30,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $42.13, for a total transaction of $1,263,900.00. Following the sale, the chief executive officer owned 330,000 shares in the company, valued at approximately $13,902,900. This trade represents a 8.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 540,000 shares of company stock worth $23,202,481. 24.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GCT. LSV Asset Management lifted its position in GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after acquiring an additional 656,900 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in GigaCloud Technology in the third quarter worth about $14,335,000. UBS Group AG grew its holdings in GigaCloud Technology by 133.8% in the third quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after purchasing an additional 252,934 shares during the period. JPMorgan Chase & Co. increased its stake in shares of GigaCloud Technology by 67.7% during 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, Dimensional Fund Advisors LP bought a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $5,266,000. 34.94% of the stock is currently owned by institutional investors.

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.