GigaCloud Technology (NASDAQ:GCT) Issues Quarterly Earnings Results

GigaCloud Technology (NASDAQ:GCT) issued its quarterly earnings results on Tuesday. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.71 by $0.32, Briefing.com reports. The firm had revenue of $310.90 million for the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The company’s revenue for the quarter was up 102.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 EPS. GigaCloud Technology updated its Q3 2024 guidance to EPS.

GigaCloud Technology Price Performance

GigaCloud Technology stock traded down $2.43 during mid-day trading on Wednesday, reaching $23.11. 2,946,857 shares of the company were exchanged, compared to its average volume of 2,552,219. The company has a fifty day simple moving average of $29.84 and a 200-day simple moving average of $31.47. The firm has a market cap of $942.82 million, a PE ratio of 8.99 and a beta of 1.82. GigaCloud Technology has a 12 month low of $6.71 and a 12 month high of $45.18.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Maxim Group initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock. Lake Street Capital began coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target for the company.

Insider Transactions at GigaCloud Technology

In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total transaction of $151,050.00. Following the sale, the president now owns 25,000 shares in the company, valued at approximately $755,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the transaction, the president now owns 25,000 shares of the company’s stock, valued at approximately $755,250. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Frank Hurst Lin sold 92,886 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the sale, the director now directly owns 5,577,003 shares in the company, valued at approximately $205,122,170.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,020,779 shares of company stock valued at $35,025,347. 43.00% of the stock is owned by corporate insiders.

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.