GigaCloud Technology (NASDAQ:GCT) Shares Down 13.3%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) fell 13.3% on Wednesday . The company traded as low as $20.70 and last traded at $22.14. 904,266 shares traded hands during trading, a decline of 64% from the average session volume of 2,538,844 shares. The stock had previously closed at $25.54.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on GCT shares. Maxim Group initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 target price on the stock. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Stock Down 10.2 %

The stock has a market capitalization of $935.48 million, a P/E ratio of 9.07 and a beta of 1.82. The firm has a fifty day moving average price of $30.01 and a two-hundred day moving average price of $31.53.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 earnings per share. Sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, President Iman Aj Schrock sold 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total transaction of $151,050.00. Following the transaction, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Iman Aj Schrock sold 5,000 shares of the business’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 sale, the president now directly owns 25,000 shares in the company, valued at approximately $755,250. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Xinyan Hao sold 282,545 shares of GigaCloud Technology stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the transaction, the chief operating officer now owns 854,941 shares of the company’s stock, valued at approximately $30,863,370.10. The disclosure for this sale can be found here. Insiders sold a total of 1,020,779 shares of company stock valued at $35,025,347 in the last 90 days. Company insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC purchased a new position in GigaCloud Technology during the 4th quarter worth $30,000. Quarry LP purchased a new stake in GigaCloud Technology during the fourth quarter valued at approximately $47,000. Tucker Asset Management LLC boosted its stake in GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in GigaCloud Technology in the fourth quarter worth $207,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $226,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.