GigaCloud Technology Inc. (NASDAQ:GCT) Receives $24.00 Average Target Price from Brokerages

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) have received an average rating of “Moderate Buy” from the five research firms that are currently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $24.00.

A number of equities research analysts recently commented on the stock. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Wall Street Zen raised shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of GigaCloud Technology in a report on Tuesday.

Insiders Place Their Bets

In other news, COO Xinyan Hao sold 800 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $40.04, for a total value of $32,032.00. Following the sale, the chief operating officer directly owned 357,486 shares in the company, valued at approximately $14,313,739.44. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders sold 360,000 shares of company stock valued at $12,049,792. Company insiders own 24.71% of the company’s stock.

Institutional Trading of GigaCloud Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new position in GigaCloud Technology during the 3rd quarter valued at $30,000. Quarry LP purchased a new position in shares of GigaCloud Technology during the third quarter valued at about $29,000. Mariner LLC raised its stake in GigaCloud Technology by 37.5% in the third quarter. Mariner LLC now owns 26,686 shares of the company’s stock worth $758,000 after buying an additional 7,280 shares in the last quarter. Millennium Management LLC lifted its holdings in GigaCloud Technology by 8.6% in the third quarter. Millennium Management LLC now owns 43,902 shares of the company’s stock worth $1,247,000 after buying an additional 3,462 shares during the period. Finally, Larson Financial Group LLC bought a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

Shares of GCT stock opened at $40.37 on Wednesday. The business has a 50-day moving average of $33.01 and a 200 day moving average of $27.52. GigaCloud Technology has a 1-year low of $11.17 and a 1-year high of $43.85. 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 results on Thursday, November 6th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. The business had revenue of $332.64 million for the quarter, compared to analysts’ expectations of $300.96 million. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 EPS. Analysts anticipate that GigaCloud Technology will post 3.1 EPS for the current year.

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.