Maxim Group started coverage on shares of GigaCloud Technology (NASDAQ:GCT – Free Report) in a report released on Wednesday, Marketbeat reports. The firm issued a buy rating and a $69.00 target price on the stock.
Separately, Roth Mkm boosted their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, April 2nd.
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GigaCloud Technology Stock Down 5.2 %
Shares of NASDAQ:GCT opened at $29.83 on Wednesday. The company has a market cap of $1.22 billion, a PE ratio of 11.61 and a beta of 1.99. The company’s 50-day moving average price is $33.91 and its 200 day moving average price is $25.51. GigaCloud Technology has a fifty-two week low of $5.40 and a fifty-two week high of $45.18.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.33. The firm had revenue of $251.08 million for the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same period last year, the firm posted $0.39 EPS. As a group, equities analysts anticipate that GigaCloud Technology will post 3.25 EPS for the current year.
Insider Activity at GigaCloud Technology
In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Hurst Lin sold 92,886 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the completion of the sale, the director now owns 5,577,003 shares of the company’s stock, valued at $205,122,170.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,453,279 shares of company stock valued at $49,256,053. Corporate insiders own 43.00% of the company’s stock.
Institutional Trading of GigaCloud Technology
A number of institutional investors and hedge funds have recently modified their holdings of the company. Tidal Investments LLC acquired a new stake in shares of GigaCloud Technology in the first quarter worth $1,731,000. Truvestments Capital LLC acquired a new stake in shares of GigaCloud Technology in the first quarter worth $327,000. Avantax Advisory Services Inc. increased its position in GigaCloud Technology by 86.3% during the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock worth $615,000 after acquiring an additional 10,659 shares during the period. Thoroughbred Financial Services LLC bought a new position in GigaCloud Technology during the first quarter worth $1,212,000. Finally, Empowered Funds LLC increased its position in GigaCloud Technology by 8.1% during the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after acquiring an additional 12,278 shares during the period. 34.94% of the stock is currently owned by institutional investors and hedge funds.
GigaCloud Technology Company Profile
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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.
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