GigaCloud Technology (NASDAQ:GCT) Posts Quarterly Earnings Results, Beats Expectations By $0.32 EPS

GigaCloud Technology (NASDAQ:GCT) released its quarterly earnings results on Tuesday. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32, Briefing.com reports. The firm had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The business’s revenue was up 102.8% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. GigaCloud Technology updated its Q3 2024 guidance to EPS.

GigaCloud Technology Stock Performance

NASDAQ:GCT traded up $0.51 during trading hours on Thursday, reaching $23.62. The stock had a trading volume of 217,556 shares, compared to its average volume of 2,536,881. The stock has a 50 day simple moving average of $29.84 and a 200 day simple moving average of $31.47. GigaCloud Technology has a 12-month low of $6.71 and a 12-month high of $45.18. The stock has a market cap of $963.63 million, a P/E ratio of 8.99 and a beta of 1.82.

Insider Activity

In other news, CEO Lei Wu sold 118,874 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $37.69, for a total value of $4,480,361.06. Following the completion of the sale, the chief executive officer now owns 170,942 shares of the company’s stock, valued at approximately $6,442,803.98. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, President Iman Aj Schrock sold 5,000 shares of the firm’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 completion of the sale, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lei Wu sold 118,874 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $37.69, for a total transaction of $4,480,361.06. Following the completion of the sale, the chief executive officer now owns 170,942 shares in the company, valued at approximately $6,442,803.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,020,779 shares of company stock worth $35,025,347. 43.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on GCT. Maxim Group initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 target price on the stock. Lake Street Capital began coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the 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.