GigaCloud Technology (NASDAQ:GCT) Shares Up 7.6% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was up 7.6% on Friday . The company traded as high as $25.39 and last traded at $25.35. Approximately 919,834 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 2,335,489 shares. The stock had previously closed at $23.57.

Analysts Set New Price Targets

A number of research firms have issued reports on GCT. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital began coverage on GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Trading Up 7.1 %

The stock’s 50 day simple moving average is $21.52 and its 200 day simple moving average is $28.39. The stock has a market capitalization of $1.03 billion, a P/E ratio of 9.82 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $275.47 million. During the same quarter last year, the company posted $0.45 earnings per share. The company’s quarterly revenue was up 102.8% compared to the same quarter last year. On average, sell-side analysts expect that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Institutional Trading of GigaCloud Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology during the 2nd quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GigaCloud Technology in the second quarter worth $66,000. Quarry LP bought a new stake in GigaCloud Technology in the fourth quarter valued at $47,000. Csenge Advisory Group boosted its holdings in shares of GigaCloud Technology by 20.0% during the second quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock valued at $650,000 after acquiring an additional 3,569 shares during the period. Finally, Tucker Asset Management LLC lifted its position in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after purchasing an additional 7,499 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

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.