GigaCloud Technology (NASDAQ:GCT) Trading Down 1.4%

GigaCloud Technology Inc. (NASDAQ:GCT) shares dropped 1.4% during trading on Tuesday . The stock traded as low as $31.40 and last traded at $32.03. Approximately 775,645 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 3,102,853 shares. The stock had previously closed at $32.47.

Analysts Set New Price Targets

Separately, Roth Mkm upped their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The firm has a market cap of $1.43 billion, a P/E ratio of 15.09 and a beta of 2.27. The company’s 50 day moving average is $32.50 and its 200 day moving average is $20.58.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00. Following the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at $44,322,801.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,287 shares of company stock worth $13,340,395.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Harbour Capital Advisors LLC bought a new stake in GigaCloud Technology in the first quarter worth about $769,000. Nomura Holdings Inc. bought a new stake in GigaCloud Technology in the fourth quarter worth about $991,000. Quadrature Capital Ltd purchased a new stake in shares of GigaCloud Technology during the 4th quarter valued at approximately $2,803,000. Tucker Asset Management LLC grew its stake in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Finally, Quarry LP bought a new stake in GigaCloud Technology during the 4th quarter valued at $47,000. 34.94% of the stock is owned by 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.