GigaCloud Technology (NASDAQ:GCT) Lowered to “Neutral” Rating by Roth Mkm

GigaCloud Technology (NASDAQ:GCT) was downgraded by analysts at Roth Mkm from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They currently have a $15.00 target price on the stock, down from their prior target price of $32.00. Roth Mkm’s price objective would indicate a potential downside of 6.31% from the company’s current price.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT opened at $16.01 on Tuesday. The company’s fifty day moving average is $19.52 and its two-hundred day moving average is $21.32. GigaCloud Technology has a 1-year low of $15.61 and a 1-year high of $45.18. The stock has a market capitalization of $655.96 million, a price-to-earnings ratio of 5.07 and a beta of 1.94.

Insider Buying and Selling

In other GigaCloud Technology news, CTO Xin Wan sold 68,437 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $20.43, for a total value of $1,398,167.91. Following the sale, the chief technology officer now directly owns 1,563 shares in the company, valued at approximately $31,932.09. This trade represents a 97.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the transaction, the insider now owns 1,406,813 shares of the company’s stock, valued at $30,668,523.40. This represents a 65.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,811,979 shares of company stock worth $61,233,745 over the last quarter. 43.00% of the stock is owned by company insiders.

Institutional Trading of GigaCloud Technology

Hedge funds have recently bought and sold shares of the company. Heck Capital Advisors LLC bought a new position in GigaCloud Technology in the 4th quarter worth about $79,000. JT Stratford LLC acquired a new position in shares of GigaCloud Technology during the fourth quarter worth approximately $1,160,000. PharVision Advisers LLC bought a new position in GigaCloud Technology in the 4th quarter worth approximately $296,000. Connective Capital Management LLC acquired a new stake in GigaCloud Technology in the 4th quarter valued at approximately $347,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in GigaCloud Technology by 100.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,418 shares of the company’s stock valued at $674,000 after acquiring an additional 18,261 shares in the last quarter. 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.