Brokerages Set GigaCloud Technology Inc. (NASDAQ:GCT) Target Price at $24.00

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) have received an average rating of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $24.00.

GCT has been the subject of a number of research reports. Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Zacks Research upgraded GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th.

GigaCloud Technology Trading Down 6.0%

GCT stock opened at $41.74 on Friday. The company has a market capitalization of $1.55 billion, a P/E ratio of 12.50 and a beta of 2.28. The business has a 50 day simple moving average of $37.42 and a 200-day simple moving average of $30.29. GigaCloud Technology has a twelve month low of $11.17 and a twelve month high of $44.71.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The firm had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same quarter in the prior year, the firm earned $1.15 EPS. GigaCloud Technology’s revenue for the quarter was up 9.7% on a year-over-year basis. Research analysts predict that GigaCloud Technology will post 3.1 EPS for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In related news, COO Xinyan Hao sold 800 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $40.04, for a total value of $32,032.00. Following the completion of the sale, the chief operating officer owned 357,486 shares in the company, valued at $14,313,739.44. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Lei Wu sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $43.39, for a total value of $867,800.00. Following the transaction, the chief executive officer owned 780,000 shares in the company, valued at $33,844,200. The trade was a 2.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 406,258 shares of company stock valued at $14,193,857 in the last 90 days. Company insiders own 24.71% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GCT. Arrowstreet Capital Limited Partnership acquired a new stake in GigaCloud Technology in the third quarter valued at $14,335,000. UBS Group AG boosted its holdings in GigaCloud Technology by 133.8% during the third quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after buying an additional 252,934 shares in the last quarter. JPMorgan Chase & Co. grew its position in GigaCloud Technology by 67.7% during the second quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after buying an additional 137,201 shares during the period. Nordea Investment Management AB acquired a new stake in shares of GigaCloud Technology during the 3rd quarter valued at approximately $3,852,000. Finally, Hussman Strategic Advisors Inc. purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth approximately $3,578,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.