GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.4%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) rose 5.4% during trading on Thursday . The stock traded as high as $37.14 and last traded at $36.84. Approximately 1,014,805 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 3,100,366 shares. The stock had previously closed at $34.96.

Analyst Upgrades and Downgrades

Separately, Roth Mkm upped their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Trading Up 4.3 %

The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 16.14 and a beta of 2.26. The stock’s 50 day moving average price is $32.76 and its two-hundred day moving average price is $20.86.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The firm had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.58 earnings per share for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $36.39, for a total value of $727,800.00. Following the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at approximately $44,322,801.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Lei Wu sold 20,000 shares of the stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00. Following the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at approximately $44,322,801.66. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Xinyan Hao sold 38,064 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.77, for a total transaction of $1,057,037.28. Following the transaction, the chief operating officer now owns 1,110,848 shares in the company, valued at $30,848,248.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 506,287 shares of company stock worth $14,805,265. Corporate insiders own 45.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Morgan Stanley purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $25,000. State of Wyoming purchased a new position in GigaCloud Technology in the second quarter valued at approximately $27,000. CWM LLC purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $30,000. Quarry LP purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $47,000. Finally, UBS Group AG purchased a new position in GigaCloud Technology in the third quarter valued at approximately $61,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.