Shares of GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) hit a new 52-week high during trading on Tuesday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The company traded as high as $58.17 and last traded at $57.74, with a volume of 763,562 shares changing hands. The stock had previously closed at $57.26.
Several other research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.
Read Our Latest Stock Analysis on GCT
Insider Transactions at GigaCloud Technology
Hedge Funds Weigh In On GigaCloud Technology
A number of hedge funds have recently bought and sold shares of GCT. KBC Group NV bought a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $1,740,000. Sei Investments Co. purchased a new position in GigaCloud Technology in the 1st quarter worth approximately $2,786,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in GigaCloud Technology in the 2nd quarter valued at approximately $766,000. Cetera Investment Advisers lifted its position in GigaCloud Technology by 55.2% in the 1st quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock valued at $2,413,000 after acquiring an additional 18,914 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in GigaCloud Technology in the 1st quarter valued at approximately $3,576,000. Institutional investors own 34.94% of the company’s stock.
GigaCloud Technology Trading Down 1.2%
The firm has a 50 day simple moving average of $52.31 and a 200 day simple moving average of $43.66. The firm has a market capitalization of $2.04 billion, a PE ratio of 13.65 and a beta of 1.64.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last posted its 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 analyst estimates of $380.63 million. Research analysts forecast that GigaCloud Technology Inc. will post 4.92 earnings per share for the current year.
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.
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