GigaCloud Technology (NASDAQ:GCT) Cut to “Neutral” at Roth Mkm

GigaCloud Technology (NASDAQ:GCT) was downgraded by investment analysts at Roth Mkm from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have a $15.00 price target on the stock, down from their prior price target of $32.00. Roth Mkm’s target price would suggest a potential downside of 6.31% from the company’s previous close.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT opened at $16.01 on Tuesday. The business’s 50-day simple moving average is $19.52 and its 200 day simple moving average is $21.32. The company has a market cap of $655.96 million, a P/E ratio of 5.07 and a beta of 1.94. GigaCloud Technology has a one year low of $15.61 and a one year high of $45.18.

Insider Transactions at GigaCloud Technology

In related news, CTO Xin Wan sold 80,000 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $22.14, for a total value of $1,771,200.00. Following the transaction, the chief technology officer now owns 867,540 shares in the company, valued at approximately $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Marshall Bernes purchased 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, with a total value of $87,500.00. Following the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. The trade was a 12.50 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 2,811,979 shares of company stock valued at $61,233,745. Corporate insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

Hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its stake in GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at about $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of GigaCloud Technology during the third quarter worth about $51,000. Amundi acquired a new position in GigaCloud Technology in the fourth quarter worth about $45,000. Finally, Quarry LP increased its holdings in GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company’s stock valued at $84,000 after buying an additional 3,072 shares during the last quarter. 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.