GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.4%

GigaCloud Technology Inc. (NASDAQ:GCT) traded up 5.4% during trading on Thursday . The stock traded as high as $37.14 and last traded at $36.84. 1,014,805 shares were traded during trading, a decline of 67% from the average session volume of 3,100,366 shares. The stock had previously closed at $34.96.

Wall Street Analyst Weigh In

Separately, Roth Mkm upped their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The firm has a 50 day moving average of $32.76 and a 200-day moving average of $20.86. The stock has a market capitalization of $1.48 billion, a PE ratio of 16.14 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.29. The firm had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, sell-side analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Buying and Selling

In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the transaction, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the transaction, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 506,287 shares of company stock valued at $14,805,265. Corporate insiders own 45.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. CWM LLC acquired a new position in shares of GigaCloud Technology during the 4th quarter valued at about $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology during the 4th quarter valued at about $47,000. State of Wyoming acquired a new position in shares of GigaCloud Technology during the 2nd quarter valued at about $27,000. Morgan Stanley acquired a new position in shares of GigaCloud Technology during the 4th quarter valued at about $25,000. Finally, Royal Bank of Canada acquired a new position in shares of GigaCloud Technology during the 4th quarter valued at about $108,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.