GigaCloud Technology (NASDAQ:GCT) Reaches New 12-Month High – Should You Buy?

GigaCloud Technology Inc. (NASDAQ:GCT) reached a new 52-week high during trading on Monday . The company traded as high as $40.95 and last traded at $39.3150, with a volume of 68975 shares trading hands. The stock had previously closed at $40.37.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings lowered shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday. Finally, Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.00.

GigaCloud Technology Stock Performance

The company’s fifty day simple moving average is $31.85 and its two-hundred day simple moving average is $26.88. The stock has a market capitalization of $1.44 billion, a P/E ratio of 11.65 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. The firm had revenue of $332.64 million during the quarter, compared to analysts’ expectations of $300.96 million. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.15 earnings per share. On average, research analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has initiated a share buyback plan on Monday, August 18th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at GigaCloud Technology

In related news, COO Xinyan Hao sold 100,000 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $35.18, for a total value of $3,518,000.00. Following the completion of the sale, the chief operating officer owned 407,486 shares of the company’s stock, valued at approximately $14,335,357.48. The trade was a 19.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 360,000 shares of company stock valued at $12,049,792. Company insiders own 24.71% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp boosted its stake in shares of GigaCloud Technology by 184.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after acquiring an additional 589 shares in the last quarter. Quarry LP bought a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $29,000. Larson Financial Group LLC acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $30,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of GigaCloud Technology during the third quarter worth $30,000. Finally, Ameritas Advisory Services LLC acquired a new position in shares of GigaCloud Technology during the second quarter worth $35,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.