Wall Street Zen Downgrades GigaCloud Technology (NASDAQ:GCT) to Buy

GigaCloud Technology (NASDAQ:GCT) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

GigaCloud Technology Stock Performance

Shares of GigaCloud Technology stock opened at $54.66 on Friday. The stock has a market cap of $1.95 billion, a P/E ratio of 12.92 and a beta of 1.64. The stock’s fifty day moving average is $50.72 and its 200 day moving average is $43.07. GigaCloud Technology has a one year low of $25.39 and a one year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The business had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. Analysts predict that GigaCloud Technology will post 4.92 EPS for the current year.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, Director Zhiwu Chen sold 3,000 shares of the stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the sale, the director directly owned 21,057 shares of the company’s stock, valued at $1,118,547.84. This trade represents a 12.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Marshall Bernes sold 15,703 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74. Following the completion of the transaction, the insider directly owned 25,447 shares in the company, valued at $1,363,450.26. This trade represents a 38.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 127,000 shares of company stock valued at $6,636,604 over the last 90 days. Company insiders own 23.37% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently bought and sold shares of GCT. Integrated Wealth Concepts LLC bought a new position in shares of GigaCloud Technology during the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. purchased a new stake in shares of GigaCloud Technology in the first quarter worth about $60,000. Archer Investment Corp purchased a new stake in shares of GigaCloud Technology in the first quarter worth about $97,000. Pictet Asset Management Holding SA bought a new position in GigaCloud Technology during the first quarter valued at approximately $203,000. Finally, Moran Wealth Management LLC bought a new position in GigaCloud Technology during the first quarter valued at approximately $247,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.