GigaCloud Technology (NASDAQ:GCT) Stock Price Up 12.5% – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was up 12.5% on Thursday . The stock traded as high as $24.79 and last traded at $24.47. Approximately 802,118 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 2,222,286 shares. The stock had previously closed at $21.76.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Up 9.5 %

The company’s fifty day moving average price is $22.12 and its 200 day moving average price is $27.37. The company has a market capitalization of $985.20 million, a P/E ratio of 8.46 and a beta of 1.78.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. The business had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The firm’s revenue for the quarter was up 102.8% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. Research analysts predict that GigaCloud Technology Inc. will post 2.91 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

Several large investors have recently made changes to their positions in GCT. Empowered Funds LLC lifted its holdings in shares of GigaCloud Technology by 5.3% during the third quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock worth $4,263,000 after purchasing an additional 9,380 shares during the period. WT Asset Management Ltd acquired a new position in shares of GigaCloud Technology during the third quarter worth $2,804,000. Aptus Capital Advisors LLC lifted its holdings in shares of GigaCloud Technology by 17.2% during the third quarter. Aptus Capital Advisors LLC now owns 102,580 shares of the company’s stock worth $2,357,000 after purchasing an additional 15,028 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock worth $2,772,000 after purchasing an additional 34,318 shares during the period. Finally, Second Line Capital LLC acquired a new position in shares of GigaCloud Technology during the second quarter worth $2,660,000. 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.