GigaCloud Technology (NASDAQ:GCT) Shares Down 4.9%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price fell 4.9% on Wednesday . The company traded as low as $19.91 and last traded at $20.01. 266,428 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,405,660 shares. The stock had previously closed at $21.05.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital started coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company. Finally, Maxim Group assumed coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target on the stock.

GigaCloud Technology Stock Performance

The firm has a fifty day moving average of $26.38 and a 200-day moving average of $30.81. The stock has a market capitalization of $808.19 million, a price-to-earnings ratio of 7.71 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The company’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.45 earnings per share. On average, analysts predict that GigaCloud Technology Inc. will post 2.84 EPS for the current year.

Insider Activity

In other GigaCloud Technology news, Director Frank Hurst Lin sold 175,178 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $33.16, for a total value of $5,808,902.48. Following the transaction, the director now directly owns 5,069,889 shares of the company’s stock, valued at approximately $168,117,519.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Frank Hurst Lin sold 175,178 shares of GigaCloud Technology stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $33.16, for a total value of $5,808,902.48. Following the completion of the sale, the director now owns 5,069,889 shares in the company, valued at $168,117,519.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction 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 owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Insiders have sold 457,964 shares of company stock worth $14,444,329 over the last 90 days. Company insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently added to or reduced their stakes in GCT. Amalgamated Bank bought a new stake in GigaCloud Technology during the second quarter valued at $25,000. CWM LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at about $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $47,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GigaCloud Technology during the second quarter worth about $66,000. Finally, Tucker Asset Management LLC lifted its holdings in GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

About GigaCloud Technology

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.