Q2 2024 EPS Estimates for GigaCloud Technology Inc. Reduced by Roth Capital (NASDAQ:GCT)

GigaCloud Technology Inc. (NASDAQ:GCT) – Equities research analysts at Roth Capital decreased their Q2 2024 earnings per share (EPS) estimates for GigaCloud Technology in a research report issued to clients and investors on Wednesday, May 15th. Roth Capital analyst M. Koranda now forecasts that the company will post earnings per share of $0.71 for the quarter, down from their previous forecast of $0.72. The consensus estimate for GigaCloud Technology’s current full-year earnings is $2.98 per share. Roth Capital also issued estimates for GigaCloud Technology’s FY2024 earnings at $3.25 EPS.

Separately, Roth Mkm increased 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.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $35.76 on Friday. GigaCloud Technology has a one year low of $5.25 and a one year high of $45.18. The company’s 50-day simple moving average is $33.96 and its 200-day simple moving average is $24.81. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 13.91 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business had revenue of $251.08 million for the quarter, compared to analysts’ expectations of $235.00 million. During the same quarter last year, the company posted $0.39 earnings per share.

Insiders Place Their Bets

In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the transaction, the chief technology officer now owns 947,540 shares of the company’s stock, valued at $25,829,940.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the transaction, the chief technology officer now owns 947,540 shares of the company’s stock, valued at $25,829,940.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lei Wu sold 14,188 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.06, for a total transaction of $511,619.28. Following the completion of the transaction, the chief executive officer now directly owns 114,190 shares in the company, valued at approximately $4,117,691.40. The disclosure for this sale can be found here. Insiders have sold 1,413,145 shares of company stock valued at $47,802,801 over the last quarter. Insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently made changes to their positions in the business. PAX Financial Group LLC bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $141,000. Acadian Asset Management LLC bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $9,634,000. Ritholtz Wealth Management bought a new stake in shares of GigaCloud Technology during the fourth quarter valued at approximately $295,000. WINTON GROUP Ltd bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $258,000. Finally, New York State Common Retirement Fund bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $1,895,000. Institutional investors 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.