GigaCloud Technology Inc. (NASDAQ:GCT) Sees Large Increase in Short Interest

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 6,900,000 shares, a growth of 18.2% from the September 15th total of 5,840,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the short-interest ratio is presently 4.5 days. Approximately 32.1% of the company’s shares are sold short.

GigaCloud Technology Price Performance

GCT traded up $1.06 during trading hours on Wednesday, reaching $24.45. 1,000,535 shares of the stock traded hands, compared to its average volume of 2,317,891. The firm’s fifty day simple moving average is $21.47 and its two-hundred day simple moving average is $28.37. The company has a market cap of $997.49 million, a price-to-earnings ratio of 9.42 and a beta of 1.77. GigaCloud Technology has a fifty-two week low of $7.71 and a fifty-two week high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The business’s revenue was up 102.8% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS. On average, research analysts predict that GigaCloud Technology will post 2.67 earnings per share for the current year.

Institutional Investors Weigh In On GigaCloud Technology

A number of large investors have recently added to or reduced their stakes in GCT. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at about $25,000. Quarry LP bought a new position in GigaCloud Technology during the 4th quarter worth approximately $47,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of GigaCloud Technology in the 2nd quarter worth approximately $66,000. Creative Planning acquired a new position in shares of GigaCloud Technology in the 3rd quarter worth approximately $207,000. Finally, SG Americas Securities LLC bought a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $231,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GCT. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the 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.