GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Update

GigaCloud Technology Inc. (NASDAQ:GCT) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 6,900,000 shares, a growth of 18.2% from the September 15th total of 5,840,000 shares. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is presently 4.5 days. Currently, 32.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in GigaCloud Technology in the second quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at $66,000. Quarry LP acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $47,000. The Manufacturers Life Insurance Company purchased a new position in GigaCloud Technology during the 2nd quarter worth approximately $259,000. Finally, Creative Planning acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $207,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on GCT. Lake Street Capital began coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT traded up $1.06 during trading hours on Wednesday, hitting $24.45. The stock had a trading volume of 1,000,535 shares, compared to its average volume of 2,317,891. GigaCloud Technology has a 1-year low of $7.71 and a 1-year high of $45.18. The firm has a market capitalization of $997.49 million, a price-to-earnings ratio of 9.42 and a beta of 1.77. The stock’s fifty day simple moving average is $21.47 and its 200 day simple moving average is $28.37.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The business had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. During the same quarter last year, the business earned $0.45 earnings per share. The business’s revenue for the quarter was up 102.8% on a year-over-year basis. As a group, research analysts anticipate that GigaCloud Technology will post 2.67 EPS for the current year.

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.