GigaCloud Technology (NASDAQ:GCT) Raised to “Strong-Buy” at Wall Street Zen

GigaCloud Technology (NASDAQ:GCT) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, GigaCloud Technology has an average rating of “Moderate Buy”.

GigaCloud Technology Stock Performance

Shares of GCT opened at $53.98 on Friday. The stock has a market capitalization of $1.93 billion, a PE ratio of 12.76 and a beta of 1.65. The company has a 50 day moving average price of $48.89 and a 200-day moving average price of $42.63. GigaCloud Technology has a fifty-two week low of $25.39 and a fifty-two week high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. Equities research analysts forecast that GigaCloud Technology will post 4.18 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total value of $3,056,400.00. Following the completion of the transaction, the chief technology officer directly owned 657,540 shares of the company’s stock, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Zhiwu Chen sold 3,000 shares of the firm’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the sale, the director owned 21,057 shares in the company, valued at approximately $1,118,547.84. This represents a 12.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 122,503 shares of company stock valued at $6,395,655. 23.37% of the stock is owned by company insiders.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of GigaCloud Technology during the second quarter worth approximately $30,000. Meeder Asset Management Inc. purchased a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $60,000. Archer Investment Corp purchased a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $97,000. Pictet Asset Management Holding SA acquired a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $203,000. Finally, Moran Wealth Management LLC acquired a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $247,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.