GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.4% – Here’s Why

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) were up 5.4% during trading on Friday . The company traded as high as $42.74 and last traded at $42.7150. Approximately 127,592 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 518,335 shares. The stock had previously closed at $40.51.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GCT shares. Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $24.00.

GigaCloud Technology Stock Up 5.5%

The stock has a market cap of $1.58 billion, a P/E ratio of 12.80 and a beta of 2.28. The company’s 50 day moving average price is $38.79 and its two-hundred day moving average price is $31.12.

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

Insiders Place Their Bets

In related news, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the sale, the chief executive officer directly owned 678,090 shares in the company, valued at approximately $27,652,510.20. The trade was a 2.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Xinyan Hao sold 800 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $40.04, for a total transaction of $32,032.00. Following the transaction, the chief operating officer directly owned 357,486 shares in the company, valued at approximately $14,313,739.44. The trade was a 0.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 468,168 shares of company stock worth $16,731,529 in the last three months. 24.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently added to or reduced their stakes in GCT. Ameritas Investment Partners Inc. grew its holdings in GigaCloud Technology by 17.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after acquiring an additional 405 shares during the period. Tower Research Capital LLC TRC lifted its holdings in GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after purchasing an additional 483 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of GigaCloud Technology by 10.2% during the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after purchasing an additional 485 shares during the period. Stratos Wealth Partners LTD. increased its stake in shares of GigaCloud Technology by 5.6% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 10,945 shares of the company’s stock valued at $217,000 after acquiring an additional 585 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings 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 buying an additional 589 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.