GigaCloud Technology (NASDAQ:GCT) Shares Gap Down to $25.56

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $25.56, but opened at $21.98. GigaCloud Technology shares last traded at $23.42, with a volume of 408,492 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Maxim Group initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target on the stock. Lake Street Capital began coverage on GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price objective on the stock.

GigaCloud Technology Stock Performance

The firm has a market cap of $942.82 million, a P/E ratio of 8.92 and a beta of 1.82. The company’s 50 day moving average is $30.01 and its 200 day moving average is $31.53.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.71 by $0.32. The firm had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The business’s quarterly revenue was up 102.8% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insiders Place Their Bets

In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now directly owns 25,000 shares in the company, valued at $755,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Frank Hurst Lin sold 92,886 shares of the business’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 value of $3,416,347.08. Following the transaction, the director now owns 5,577,003 shares in the company, valued at approximately $205,122,170.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the sale, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The disclosure for this sale can be found here. Insiders have sold 1,020,779 shares of company stock valued at $35,025,347 in the last ninety days. 43.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $2,803,000. Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology during the 2nd quarter valued at $2,663,000. Bank of New York Mellon Corp acquired a new position in GigaCloud Technology during the second quarter worth $2,000,000. Tidal Investments LLC acquired a new position in GigaCloud Technology during the first quarter worth $1,731,000. Finally, Nomura Holdings Inc. bought a new position in shares of GigaCloud Technology in the fourth quarter valued at $991,000. 34.94% of the stock is currently 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.