Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Rises By 21.2%

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,183,547 shares, a growth of 21.2% from the February 26th total of 1,802,333 shares. Based on an average daily volume of 654,227 shares, the days-to-cover ratio is currently 3.3 days. Approximately 7.9% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, CEO Lei Wu sold 70,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $45.28, for a total transaction of $3,169,600.00. Following the completion of the sale, the chief executive officer owned 608,090 shares in the company, valued at approximately $27,534,315.20. This represents a 10.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Xin Wan sold 100,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the sale, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at $31,126,885.20. The trade was a 12.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 720,000 shares of company stock worth $30,760,672. Insiders own 24.71% of the company’s stock.

Institutional Trading of GigaCloud Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp raised its holdings in shares of GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after purchasing an additional 589 shares during the last quarter. Quarry LP purchased a new stake in GigaCloud Technology in the third quarter valued at $29,000. Larson Financial Group LLC acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $30,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

GCT has been the subject of several recent analyst reports. Zacks Research raised GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Finally, Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to data from MarketBeat.com, GigaCloud Technology currently has an average rating of “Buy” and an average target price of $33.00.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $45.92 on Thursday. GigaCloud Technology has a fifty-two week low of $11.17 and a fifty-two week high of $48.00. The firm has a market capitalization of $1.68 billion, a PE ratio of 12.69 and a beta of 2.14. The stock’s 50-day simple moving average is $40.54 and its 200-day simple moving average is $36.30.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Friday, February 27th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The firm had revenue of $362.75 million during the quarter, compared to the consensus estimate of $332.33 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The company’s revenue was up 22.6% compared to the same quarter last year. Sell-side analysts forecast that GigaCloud Technology will post 3.1 earnings per share for the current year.

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.