GigaCloud Technology (NASDAQ:GCT) Shares Gap Down to $31.25

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $31.25, but opened at $30.51. GigaCloud Technology shares last traded at $29.87, with a volume of 357,267 shares.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GCT shares. Maxim Group started coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock. Roth Mkm upped their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The firm’s 50-day simple moving average is $32.60 and its two-hundred day simple moving average is $30.32. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 12.16 and a beta of 1.81.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The company had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same period in the prior year, the business posted $0.39 earnings per share. On average, analysts expect that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In related news, Director Frank Hurst Lin sold 92,886 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the transaction, the director now owns 5,577,003 shares of the company’s stock, valued at $205,122,170.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Frank Hurst Lin sold 92,886 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the transaction, the director now owns 5,577,003 shares of the company’s stock, valued at $205,122,170.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total transaction of $151,050.00. Following the transaction, the president now directly owns 25,000 shares in the company, valued at approximately $755,250. The disclosure for this sale can be found here. Insiders have sold 1,448,956 shares of company stock valued at $50,327,757 over the last quarter. Corporate insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of GCT. Raymond James & Associates purchased a new position in GigaCloud Technology during the fourth quarter worth approximately $517,000. Ritholtz Wealth Management acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth $295,000. CWM LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth $622,000. Finally, Avantax Advisory Services Inc. acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth $226,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.