GigaCloud Technology (NASDAQ:GCT) Shares Down 3.8% – Should You Sell?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) were down 3.8% during trading on Monday . The company traded as low as $24.00 and last traded at $24.27. Approximately 271,364 shares traded hands during trading, a decline of 88% from the average daily volume of 2,326,573 shares. The stock had previously closed at $25.24.

Wall Street Analyst Weigh In

GCT has been the topic of a number of research reports. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital initiated coverage on GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price on the stock.

GigaCloud Technology Price Performance

The business has a fifty day moving average of $21.51 and a 200 day moving average of $28.41. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 9.65 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The firm had revenue of $310.90 million for the quarter, compared to the consensus estimate of $275.47 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was up 102.8% on a year-over-year basis. On average, analysts expect that GigaCloud Technology Inc. will post 2.67 EPS for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GCT. Quarry LP bought a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $47,000. Quadrature Capital Ltd bought a new position in GigaCloud Technology in the fourth quarter worth $2,803,000. Nomura Holdings Inc. bought a new position in GigaCloud Technology in the fourth quarter worth $991,000. Harbour Capital Advisors LLC bought a new position in GigaCloud Technology in the first quarter worth $769,000. Finally, SeaCrest Wealth Management LLC bought a new position in GigaCloud Technology in the first quarter worth $391,000. 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.