GigaCloud Technology (NASDAQ:GCT) Raised to “Strong-Buy” at Zacks Research

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

GCT has been the topic of a number of other research reports. Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $33.00.

GigaCloud Technology Stock Up 2.6%

Shares of NASDAQ:GCT opened at $43.82 on Tuesday. GigaCloud Technology has a twelve month low of $11.17 and a twelve month high of $48.00. The stock’s 50 day moving average is $39.97 and its 200-day moving average is $34.68. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 12.10 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Thursday, February 26th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.51. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. The business had revenue of $362.75 million during the quarter, compared to analyst estimates of $332.33 million. During the same quarter in the previous year, the business posted $0.76 EPS. GigaCloud Technology’s quarterly revenue was up 22.6% on a year-over-year basis. Equities research analysts anticipate that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, CTO Xin Wan sold 100,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the sale, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. This represents a 12.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Lei Wu sold 70,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $45.28, for a total transaction of $3,169,600.00. Following the completion of the sale, the chief executive officer owned 608,090 shares of the company’s stock, valued at approximately $27,534,315.20. This trade represents a 10.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 540,000 shares of company stock worth $23,202,481. 24.71% of the stock is owned by corporate insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently bought and sold shares of GCT. LSV Asset Management boosted its position in GigaCloud Technology by 824.2% in the fourth quarter. LSV Asset Management now owns 736,600 shares of the company’s stock worth $28,934,000 after purchasing an additional 656,900 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $14,335,000. UBS Group AG raised its stake in shares of GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after purchasing an additional 252,934 shares during the period. JPMorgan Chase & Co. raised its stake in shares of GigaCloud Technology by 67.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after purchasing an additional 137,201 shares during the period. Finally, Dimensional Fund Advisors LP purchased a new position in shares of GigaCloud Technology in the 4th quarter worth about $5,266,000. 34.94% of the stock is currently owned by institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.