Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Drops By 9.7%

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 4,740,000 shares, a drop of 9.7% from the July 15th total of 5,250,000 shares. Based on an average daily volume of 1,830,000 shares, the days-to-cover ratio is currently 2.6 days. Approximately 22.4% of the shares of the stock are sold short.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT traded down $0.05 during mid-day trading on Friday, hitting $22.40. The company had a trading volume of 737,473 shares, compared to its average volume of 2,491,863. The company has a market capitalization of $913.85 million, a PE ratio of 8.72 and a beta of 1.82. GigaCloud Technology has a 1-year low of $6.71 and a 1-year high of $45.18. The business’s 50-day simple moving average is $28.67 and its 200 day simple moving average is $31.47.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The company had revenue of $310.90 million for the quarter, compared to analysts’ expectations of $275.47 million. During the same period last year, the firm earned $0.45 earnings per share. GigaCloud Technology’s quarterly revenue was up 102.8% on a year-over-year basis. On average, analysts expect that GigaCloud Technology will post 3.25 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Activity at GigaCloud Technology

In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares in the company, valued at $755,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frank Hurst Lin sold 175,178 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $33.16, for a total value of $5,808,902.48. Following the completion of the transaction, the director now owns 5,069,889 shares of the company’s stock, valued at $168,117,519.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 457,964 shares of company stock valued at $14,444,329. 43.00% of the stock is currently owned by insiders.

Institutional Trading of GigaCloud Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology during the second quarter worth about $25,000. CWM LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter worth about $30,000. Quarry LP purchased a new position in shares of GigaCloud Technology during the fourth quarter worth about $47,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology during the second quarter worth about $66,000. Finally, Tucker Asset Management LLC grew its holdings in shares of GigaCloud Technology by 1,499.8% during the fourth 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 during the last quarter. Institutional investors and hedge funds 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.