GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Update

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant drop in short interest in April. As of April 15th, there was short interest totalling 2,550,000 shares, a drop of 9.3% from the March 31st total of 2,810,000 shares. Approximately 15.4% of the company’s shares are short sold. Based on an average trading volume of 3,000,000 shares, the short-interest ratio is presently 0.9 days.

GigaCloud Technology Price Performance

GCT traded down $1.37 on Monday, reaching $33.98. 2,446,431 shares of the company traded hands, compared to its average volume of 3,087,834. The stock’s 50 day moving average price is $33.39 and its 200-day moving average price is $22.28. GigaCloud Technology has a 52-week low of $4.97 and a 52-week high of $45.18. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 14.80 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. As a group, equities research analysts forecast that GigaCloud Technology will post 2.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm boosted their price objective 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.

Insider Transactions at GigaCloud Technology

In other news, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $36.54, for a total value of $1,607,760.00. Following the transaction, the chief executive officer now directly owns 885,816 shares of the company’s stock, valued at $32,367,716.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $36.54, for a total value of $1,607,760.00. Following the transaction, the chief executive officer now directly owns 885,816 shares of the company’s stock, valued at $32,367,716.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold a total of 652,464 shares of company stock valued at $20,030,775 over the last ninety days.

Institutional Trading of GigaCloud Technology

Several large investors have recently added to or reduced their stakes in GCT. New York State Common Retirement Fund bought a new stake in GigaCloud Technology in the third quarter worth approximately $1,895,000. State of New Jersey Common Pension Fund D bought a new stake in GigaCloud Technology in the third quarter worth approximately $172,000. Pacific Ridge Capital Partners LLC bought a new stake in GigaCloud Technology in the third quarter worth approximately $586,000. WINTON GROUP Ltd bought a new stake in GigaCloud Technology in the third quarter worth approximately $258,000. Finally, PAX Financial Group LLC bought a new stake in GigaCloud Technology in the third quarter worth approximately $141,000. 34.94% of the stock is owned by 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.