GigaCloud Technology (NASDAQ:GCT) Shares Gap Down to $25.56

GigaCloud Technology Inc. (NASDAQ:GCT) gapped down prior to trading on Monday . The stock had previously closed at $25.56, but opened at $21.98. GigaCloud Technology shares last traded at $23.42, with a volume of 408,492 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price target for the company. Maxim Group began coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price for the company.

GigaCloud Technology Stock Down 3.9 %

The business has a 50-day moving average price of $30.27 and a 200-day moving average price of $31.47. The firm has a market capitalization of $1.00 billion, a PE ratio of 9.95 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The company had revenue of $251.08 million during the quarter, compared to the consensus estimate of $235.00 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, Director Frank Hurst Lin sold 92,886 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the sale, the director now owns 5,577,003 shares of the company’s stock, valued at $205,122,170.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Frank Hurst Lin sold 92,886 shares of GigaCloud Technology stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the sale, the director now owns 5,577,003 shares in the company, valued at $205,122,170.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The disclosure for this sale can be found here. Insiders sold 1,082,779 shares of company stock valued at $37,429,087 in the last ninety days. Insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

A number of large investors have recently modified their holdings of GCT. Quadrature Capital Ltd purchased a new stake in GigaCloud Technology during the 4th quarter worth $2,803,000. Aptus Capital Advisors LLC purchased a new position in GigaCloud Technology in the second quarter valued at about $2,663,000. Bank of New York Mellon Corp acquired a new stake in GigaCloud Technology during the 2nd quarter valued at approximately $2,000,000. Tidal Investments LLC purchased a new stake in GigaCloud Technology during the 1st quarter worth approximately $1,731,000. Finally, Nomura Holdings Inc. acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $991,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.