GigaCloud Technology (NASDAQ:GCT) Shares Gap Down to $25.56

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $25.56, but opened at $21.98. GigaCloud Technology shares last traded at $23.42, with a volume of 408,492 shares.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Down 9.5 %

The stock’s 50-day moving average price is $30.01 and its 200 day moving average price is $31.53. The firm has a market capitalization of $942.82 million, a price-to-earnings ratio of 8.92 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last released 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. The company had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. GigaCloud Technology’s quarterly revenue was up 102.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 EPS. On average, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In related news, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Frank Hurst Lin sold 92,886 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the sale, the director now owns 5,577,003 shares of the company’s stock, valued at approximately $205,122,170.34. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were 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 owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,020,779 shares of company stock valued at $35,025,347. Insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its position in shares of GigaCloud Technology by 8.1% during the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after purchasing an additional 12,278 shares during the period. Quadrature Capital Ltd acquired a new position in GigaCloud Technology during the fourth quarter worth $2,803,000. Aptus Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the second quarter worth $2,663,000. Pacific Ridge Capital Partners LLC grew its stake in shares of GigaCloud Technology by 27.1% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 84,617 shares of the company’s stock valued at $1,548,000 after buying an additional 18,049 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of GigaCloud Technology in the 2nd quarter valued at $2,000,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.