GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Update

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 2,550,000 shares, a decline of 9.3% from the March 31st total of 2,810,000 shares. Based on an average trading volume of 3,000,000 shares, the short-interest ratio is presently 0.9 days. Currently, 15.4% of the company’s stock are short sold.

GigaCloud Technology Stock Performance

GCT traded down $1.37 on Monday, hitting $33.98. 2,446,431 shares of the company were exchanged, compared to its average volume of 3,087,834. The business’s fifty day moving average is $33.39 and its 200 day moving average is $22.28. GigaCloud Technology has a fifty-two week low of $4.97 and a fifty-two week high of $45.18. The firm has a market capitalization of $1.38 billion, a P/E ratio of 14.80 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Analysts forecast that GigaCloud Technology will post 2.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $36.54, for a total transaction of $1,607,760.00. Following the completion of the transaction, the chief executive officer now owns 885,816 shares in the company, valued at $32,367,716.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the transaction, the chief financial officer now owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $36.54, for a total transaction of $1,607,760.00. Following the completion of the transaction, the chief executive officer now owns 885,816 shares of the company’s stock, valued at approximately $32,367,716.64. The disclosure for this sale can be found here. Insiders sold a total of 652,464 shares of company stock worth $20,030,775 over the last 90 days.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently bought and sold shares of GCT. New York State Common Retirement Fund acquired a new stake in GigaCloud Technology during the third quarter worth approximately $1,895,000. State of New Jersey Common Pension Fund D acquired a new stake in GigaCloud Technology during the third quarter worth approximately $172,000. Pacific Ridge Capital Partners LLC acquired a new stake in GigaCloud Technology during the third quarter worth approximately $586,000. WINTON GROUP Ltd acquired a new stake in GigaCloud Technology during the third quarter worth approximately $258,000. Finally, PAX Financial Group LLC purchased a new position in GigaCloud Technology during the third quarter worth approximately $141,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.