GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Down 9.7% in July

GigaCloud Technology Inc. (NASDAQ:GCT) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 4,740,000 shares, a decline of 9.7% from the July 15th total of 5,250,000 shares. Currently, 22.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,830,000 shares, the days-to-cover ratio is currently 2.6 days.

GigaCloud Technology Price Performance

Shares of GCT stock traded up $0.79 during trading hours on Monday, reaching $23.19. The stock had a trading volume of 1,351,893 shares, compared to its average volume of 2,484,703. The firm has a 50-day simple moving average of $28.67 and a 200-day simple moving average of $31.54. The firm has a market capitalization of $946.08 million, a PE ratio of 9.06 and a beta of 1.82. GigaCloud Technology has a twelve month low of $6.71 and a twelve month high of $45.18.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at GigaCloud Technology

In other news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, President Iman Aj Schrock sold 5,000 shares of the company’s 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 completion of the sale, the president now directly owns 25,000 shares in the company, valued at approximately $755,250. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank Hurst Lin sold 93,211 shares of GigaCloud Technology stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $29.66, for a total value of $2,764,638.26. Following the completion of the transaction, the director now owns 4,219,582 shares in the company, valued at approximately $125,152,802.12. The disclosure for this sale can be found here. Insiders sold 457,964 shares of company stock worth $14,444,329 in the last 90 days. 43.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GCT. Raymond James & Associates acquired a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $517,000. CWM LLC bought a new stake in shares of GigaCloud Technology in the 4th quarter worth $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at $622,000. Avantax Advisory Services Inc. bought a new position in GigaCloud Technology during the fourth quarter valued at about $226,000. Finally, Foundations Investment Advisors LLC acquired a new position in GigaCloud Technology during the fourth quarter worth about $207,000. Institutional investors and hedge funds 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.