GigaCloud Technology (NASDAQ:GCT) Trading 4.7% Higher – Time to Buy?

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price rose 4.7% on Thursday . The stock traded as high as $16.25 and last traded at $16.06. Approximately 439,361 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,621,740 shares. The stock had previously closed at $15.34.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Lake Street Capital decreased their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

GigaCloud Technology Stock Performance

The business has a 50-day simple moving average of $18.26 and a 200-day simple moving average of $20.66. The company has a market cap of $648.07 million, a price-to-earnings ratio of 5.11 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The firm had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. During the same period last year, the business earned $0.87 EPS. Research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Insider Buying and Selling

In other GigaCloud Technology news, insider Marshall Bernes purchased 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. This trade represents a 12.50 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

Institutional investors have recently modified their holdings of the stock. Townsquare Capital LLC grew its position in shares of GigaCloud Technology by 4.6% in the 3rd quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock valued at $447,000 after buying an additional 862 shares during the last quarter. US Bancorp DE grew its holdings in shares of GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares during the last quarter. Mariner LLC increased its position in shares of GigaCloud Technology by 10.5% during the fourth quarter. Mariner LLC now owns 11,066 shares of the company’s stock worth $205,000 after purchasing an additional 1,056 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of GigaCloud Technology by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock valued at $4,004,000 after purchasing an additional 1,629 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in shares of GigaCloud Technology by 7.4% in the 4th quarter. Janus Henderson Group PLC now owns 28,217 shares of the company’s stock valued at $523,000 after purchasing an additional 1,934 shares during the period. Hedge funds and other institutional investors 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.