GigaCloud Technology (NASDAQ:GCT) Shares Down 4.4%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price traded down 4.4% during trading on Tuesday . The company traded as low as $22.09 and last traded at $22.16. 339,729 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,470,395 shares. The stock had previously closed at $23.19.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Finally, Maxim Group assumed coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target on the stock.

GigaCloud Technology Price Performance

The company has a 50 day moving average price of $28.49 and a two-hundred day moving average price of $31.53. The stock has a market cap of $902.43 million, a PE ratio of 8.56 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The company had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. GigaCloud Technology’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, equities analysts predict that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity at GigaCloud Technology

In other news, Director Frank Hurst Lin sold 175,178 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $33.16, for a total value of $5,808,902.48. Following the sale, the director now directly owns 5,069,889 shares in the company, valued at $168,117,519.24. The sale was disclosed in a document filed with the SEC, which is available at this link. In other GigaCloud Technology news, Director Frank Hurst Lin sold 175,178 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $33.16, for a total transaction of $5,808,902.48. Following the sale, the director now owns 5,069,889 shares of the company’s stock, valued at approximately $168,117,519.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the transaction, the president now owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Over the last three months, insiders sold 457,964 shares of company stock valued at $14,444,329. Insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently bought and sold shares of the business. Amalgamated Bank purchased a new position in GigaCloud Technology in the second quarter worth approximately $25,000. CWM LLC acquired a new position in GigaCloud Technology in the fourth quarter valued at $30,000. Quarry LP purchased a new stake in GigaCloud Technology in the fourth quarter valued at approximately $47,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GigaCloud Technology during the 2nd quarter worth $66,000. Finally, Tucker Asset Management LLC grew its holdings in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.