GigaCloud Technology (NASDAQ:GCT) Price Target Cut to $26.00 by Analysts at Lake Street Capital

GigaCloud Technology (NASDAQ:GCT) had its target price reduced by equities research analysts at Lake Street Capital from $50.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price objective suggests a potential upside of 67.42% from the stock’s previous close.

Separately, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $15.00 in a research report on Tuesday.

GigaCloud Technology Price Performance

Shares of GCT traded down $0.48 during trading hours on Tuesday, reaching $15.53. 3,944,395 shares of the company’s stock traded hands, compared to its average volume of 1,061,205. The business’s fifty day simple moving average is $19.52 and its two-hundred day simple moving average is $21.32. The firm has a market capitalization of $636.30 million, a price-to-earnings ratio of 4.91 and a beta of 1.94. GigaCloud Technology has a twelve month low of $13.60 and a twelve month high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). The business had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same period in the prior year, the company earned $0.87 earnings per share. On average, equities research analysts expect that GigaCloud Technology will post 3.1 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $21.80, for a total value of $58,055,056.80. Following the transaction, the insider now directly owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Xin Wan sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $22.14, for a total value of $1,771,200.00. Following the sale, the chief technology officer now directly owns 867,540 shares of the company’s stock, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,811,979 shares of company stock valued at $61,233,745 in the last three months. 43.00% of the stock is currently owned by company insiders.

Institutional Trading of GigaCloud Technology

Several large investors have recently added to or reduced their stakes in GCT. Harvest Fund Management Co. Ltd bought a new position in shares of GigaCloud Technology during the 3rd quarter valued at $6,956,000. Oasis Management Co Ltd. bought a new position in shares of GigaCloud Technology in the fourth quarter valued at approximately $5,550,000. Geode Capital Management LLC lifted its position in GigaCloud Technology by 90.7% during the 3rd quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock worth $13,265,000 after acquiring an additional 274,506 shares during the last quarter. Jane Street Group LLC boosted its holdings in GigaCloud Technology by 1,599.5% during the fourth quarter. Jane Street Group LLC now owns 236,202 shares of the company’s stock valued at $4,374,000 after acquiring an additional 222,304 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after purchasing an additional 158,033 shares during the last quarter. 34.94% of the stock is owned by institutional investors.

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.