GigaCloud Technology (NASDAQ:GCT) Stock Price Up 12.5% – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT) rose 12.5% during mid-day trading on Thursday . The stock traded as high as $24.79 and last traded at $24.47. Approximately 802,118 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 2,222,286 shares. The stock had previously closed at $21.76.

Analyst Ratings Changes

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

GigaCloud Technology Stock Up 9.5 %

The firm has a market cap of $985.20 million, a price-to-earnings ratio of 8.46 and a beta of 1.78. The company has a 50-day moving average price of $22.12 and a 200 day moving average price of $27.37.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.32. The company had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business’s revenue was up 102.8% compared to the same quarter last year. During the same period last year, the company earned $0.45 earnings per share. Equities analysts forecast that GigaCloud Technology Inc. will post 2.91 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. International Assets Investment Management LLC acquired a new position in shares of GigaCloud Technology during the 3rd quarter worth about $1,083,000. Janney Montgomery Scott LLC acquired a new stake in GigaCloud Technology in the 1st quarter valued at about $599,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in GigaCloud Technology by 60.4% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares during the last quarter. WT Asset Management Ltd acquired a new stake in GigaCloud Technology in the 3rd quarter valued at about $2,804,000. Finally, Bank of New York Mellon Corp acquired a new stake in GigaCloud Technology in the 2nd quarter valued at about $2,000,000. Institutional investors 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.