GigaCloud Technology (NASDAQ:GCT) Stock Price Up 4.7% – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price traded up 4.7% on Thursday . The company traded as high as $16.25 and last traded at $16.06. 439,361 shares traded hands during trading, a decline of 73% from the average session volume of 1,621,740 shares. The stock had previously closed at $15.34.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GCT shares. Lake Street Capital dropped their target price on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Finally, Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Stock Down 5.1 %

The business has a 50 day moving average price of $18.09 and a two-hundred day moving average price of $20.60. The stock has a market cap of $605.40 million, a P/E ratio of 4.78 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. During the same quarter in the previous year, the company earned $0.87 earnings per share. On average, research analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after buying an additional 158,033 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of GigaCloud Technology in the third quarter valued at $1,442,000. Lake Hills Wealth Management LLC bought a new stake in GigaCloud Technology in the fourth quarter worth $332,000. Franklin Resources Inc. raised its stake in GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock valued at $10,164,000 after purchasing an additional 135,726 shares in the last quarter. Finally, Centiva Capital LP bought a new position in GigaCloud Technology during the third quarter valued at $1,305,000. Hedge funds and other institutional investors 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.