GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $31.02

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) gapped up prior to trading on Thursday . The stock had previously closed at $31.02, but opened at $31.93. GigaCloud Technology shares last traded at $33.69, with a volume of 517,522 shares trading hands.

Wall Street Analyst Weigh In

Separately, Roth Mkm lifted their target price on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Trading Down 6.1 %

The company has a market capitalization of $1.29 billion, a P/E ratio of 13.80 and a beta of 2.26. The company has a 50 day moving average price of $32.41 and a 200 day moving average price of $20.25.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at approximately $37,178,792.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction on Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the transaction, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 461,287 shares of company stock valued at $13,340,395. Insiders own 45.30% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. acquired a new position in shares of GigaCloud Technology during the 4th quarter worth $991,000. Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology during the 4th quarter worth $2,803,000. Tucker Asset Management LLC raised its holdings in shares of GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares in the last quarter. Quarry LP acquired a new position in shares of GigaCloud Technology during the 4th quarter worth $47,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of GigaCloud Technology during the 4th quarter worth $731,000. 34.94% of the stock is owned by institutional investors and hedge funds.

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.