GigaCloud Technology (NASDAQ:GCT) Shares Up 5.4% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

GCT has been the subject of a number of analyst reports. Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $24.00.

GigaCloud Technology Price Performance

The firm has a market cap of $1.56 billion, a P/E ratio of 12.60 and a beta of 2.28. The firm’s 50-day moving average price is $39.02 and its 200 day moving average price is $31.36.

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

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, COO Xinyan Hao sold 100,000 shares of GigaCloud Technology 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 transaction, the chief operating officer owned 407,486 shares of the company’s stock, valued at $14,335,357.48. The trade was a 19.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Lei Wu sold 20,000 shares of the stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $42.36, for a total transaction of $847,200.00. Following the sale, the chief executive officer directly owned 840,000 shares in the company, valued at $35,582,400. This trade represents a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 468,168 shares of company stock worth $16,731,529 over the last 90 days. 24.71% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of GCT. Nordea Investment Management AB acquired a new position in GigaCloud Technology during the 3rd quarter worth $3,852,000. Inspire Investing LLC acquired a new position in shares of GigaCloud Technology during the third quarter valued at $1,040,000. Ethos Financial Group LLC raised its stake in shares of GigaCloud Technology by 53.5% during the second quarter. Ethos Financial Group LLC now owns 62,515 shares of the company’s stock valued at $1,237,000 after purchasing an additional 21,798 shares in the last quarter. Geode Capital Management LLC lifted its holdings in GigaCloud Technology by 9.1% in the second quarter. Geode Capital Management LLC now owns 630,805 shares of the company’s stock worth $12,479,000 after purchasing an additional 52,415 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in GigaCloud Technology in the 3rd quarter valued at about $701,000. Institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

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.