Analysts Set GigaCloud Technology Inc. (NASDAQ:GCT) PT at $24.00

GigaCloud Technology Inc. (NASDAQ:GCT) has been given an average recommendation of “Moderate Buy” by the five analysts that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $24.00.

Several equities analysts recently weighed in on GCT shares. Zacks Research upgraded GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Finally, Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th.

GigaCloud Technology Price Performance

GCT opened at $40.41 on Friday. The firm has a fifty day moving average price of $38.16 and a 200 day moving average price of $30.65. GigaCloud Technology has a 1 year low of $11.17 and a 1 year high of $44.71. The stock has a market cap of $1.50 billion, a P/E ratio of 12.10 and a beta of 2.28.

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

Insiders Place Their Bets

In related news, COO Xinyan Hao sold 100,000 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $35.18, for a total transaction of $3,518,000.00. Following the completion of the transaction, the chief operating officer owned 407,486 shares in the company, valued at $14,335,357.48. This represents a 19.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $42.36, for a total transaction of $847,200.00. Following the completion of the transaction, the chief executive officer directly owned 840,000 shares in the company, valued at $35,582,400. This represents a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 446,258 shares of company stock valued at $15,839,457 over the last 90 days. 24.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently made changes to their positions in GCT. Ellsworth Advisors LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth approximately $796,000. Allspring Global Investments Holdings LLC lifted its holdings in GigaCloud Technology by 497.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 158,798 shares of the company’s stock valued at $6,238,000 after purchasing an additional 132,238 shares in the last quarter. SG Americas Securities LLC boosted its stake in GigaCloud Technology by 10.2% during the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after purchasing an additional 485 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter worth $44,000. Finally, NorthCrest Asset Manangement LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $565,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.