GigaCloud Technology (NASDAQ:GCT) Rating Increased to Buy at Wall Street Zen

GigaCloud Technology (NASDAQ:GCT) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

GCT has been the subject of a number of other reports. Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Zacks Research raised GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

GigaCloud Technology Stock Up 5.7%

NASDAQ GCT opened at $40.37 on Friday. GigaCloud Technology has a 52 week low of $11.17 and a 52 week high of $40.83. The firm has a 50 day moving average of $31.85 and a two-hundred day moving average of $26.76. The stock has a market capitalization of $1.50 billion, a PE ratio of 12.09 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. The business had revenue of $332.64 million for the quarter, compared to analyst estimates of $300.96 million. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The company’s revenue was up 9.7% on a year-over-year basis. During the same period last year, the business earned $1.15 EPS. On average, equities research analysts expect that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has initiated a stock buyback program on Monday, August 18th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, COO Xinyan Hao sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $35.18, for a total transaction of $3,518,000.00. Following the completion of the sale, the chief operating officer directly owned 407,486 shares of the company’s stock, valued at $14,335,357.48. This represents a 19.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 360,000 shares of company stock valued at $12,049,792. Insiders own 24.71% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $14,335,000. Nuveen LLC acquired a new stake in GigaCloud Technology in the first quarter valued at $6,502,000. UBS Group AG boosted its position in shares of GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after purchasing an additional 252,934 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of GigaCloud Technology by 67.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after purchasing an additional 137,201 shares during the period. Finally, Nordea Investment Management AB acquired a new position in shares of GigaCloud Technology during the 3rd quarter worth $3,852,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.