Zacks Research Upgrades GigaCloud Technology (NASDAQ:GCT) to Strong-Buy

GigaCloud Technology (NASDAQ:GCT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Wall Street Zen downgraded GigaCloud Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, GigaCloud Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

GigaCloud Technology Trading Down 0.4%

Shares of NASDAQ:GCT opened at $38.19 on Wednesday. The company has a 50 day moving average of $31.60 and a 200-day moving average of $26.60. The firm has a market cap of $1.42 billion, a P/E ratio of 11.43 and a beta of 2.28. GigaCloud Technology has a twelve month low of $11.17 and a twelve month high of $40.75.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. The business had revenue of $332.64 million for the quarter, compared to analyst estimates of $300.96 million. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the business earned $1.15 earnings per share. Equities research analysts forecast that GigaCloud Technology will post 3.1 EPS for the current year.

GigaCloud Technology announced that its Board of Directors has approved a share repurchase plan on Monday, August 18th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at GigaCloud Technology

In related news, COO Xinyan Hao sold 800 shares of GigaCloud Technology stock in a transaction on Friday, December 5th. The stock was sold at an average price of $40.04, for a total value of $32,032.00. Following the transaction, the chief operating officer directly owned 357,486 shares in the company, valued at $14,313,739.44. The trade was a 0.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 360,000 shares of company stock worth $12,049,792. Company insiders own 24.71% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds have recently modified their holdings of GCT. Cubist Systematic Strategies LLC acquired a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $981,000. Ethos Financial Group LLC grew its position in GigaCloud Technology by 53.5% during the 2nd quarter. Ethos Financial Group LLC now owns 62,515 shares of the company’s stock worth $1,237,000 after purchasing an additional 21,798 shares in the last quarter. State of Wyoming acquired a new stake in GigaCloud Technology during the 1st quarter valued at $173,000. Kingstone Capital Partners Texas LLC purchased a new stake in shares of GigaCloud Technology in the second quarter valued at $607,000. Finally, Geode Capital Management LLC boosted its position in shares of GigaCloud Technology by 9.1% in the second quarter. Geode Capital Management LLC now owns 630,805 shares of the company’s stock worth $12,479,000 after buying an additional 52,415 shares during the period. 34.94% of the stock is owned by hedge funds and other 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.