GigaCloud Technology (NASDAQ:GCT) Shares Gap Down to $25.56

GigaCloud Technology Inc. (NASDAQ:GCT) shares gapped down before the market opened on Monday . The stock had previously closed at $25.56, but opened at $21.98. GigaCloud Technology shares last traded at $23.42, with a volume of 408,492 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on GCT shares. Lake Street Capital started coverage on GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company. Maxim Group assumed coverage on GigaCloud Technology in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective on the stock.

GigaCloud Technology Price Performance

The stock’s 50 day simple moving average is $30.27 and its two-hundred day simple moving average is $31.47. The stock has a market capitalization of $1.00 billion, a PE ratio of 9.95 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last announced 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. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The business had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. During the same period in the prior year, the company earned $0.39 earnings per share. As a group, equities research analysts predict that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frank Hurst Lin sold 93,211 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $29.66, for a total value of $2,764,638.26. Following the completion of the transaction, the director now directly owns 4,219,582 shares of the company’s stock, valued at approximately $125,152,802.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Frank Hurst Lin sold 93,211 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total transaction of $2,764,638.26. Following the sale, the director now directly owns 4,219,582 shares in the company, valued at approximately $125,152,802.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the sale, the president now directly owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Insiders sold 1,082,779 shares of company stock worth $37,429,087 over the last quarter. 43.00% of the stock is currently owned by company insiders.

Institutional Trading of GigaCloud Technology

Hedge funds have recently bought and sold shares of the company. CWM LLC purchased a new position in GigaCloud Technology in the 4th quarter worth approximately $30,000. Quarry LP purchased a new stake in GigaCloud Technology during the 4th quarter valued at $47,000. Csenge Advisory Group grew its holdings in GigaCloud Technology by 20.0% in the 2nd quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock worth $650,000 after acquiring an additional 3,569 shares during the last quarter. Tucker Asset Management LLC increased its position in shares of GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares during the period. Finally, Avantax Advisory Services Inc. raised its stake in shares of GigaCloud Technology by 86.3% during the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after acquiring an additional 10,659 shares during the last quarter. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.