GigaCloud Technology (NASDAQ:GCT) Stock Price Down 2%

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price traded down 2% during mid-day trading on Wednesday . The company traded as low as $34.20 and last traded at $34.38. 1,350,640 shares were traded during trading, a decline of 57% from the average session volume of 3,109,106 shares. The stock had previously closed at $35.09.

Analysts Set New Price Targets

Separately, Roth Mkm increased their target price on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26. The stock’s fifty day moving average is $32.50 and its two-hundred day moving average is $20.58.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.58 by $0.29. The firm had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Sell-side analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In related news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00. Following the sale, the chief executive officer now directly owns 1,258,816 shares in the company, valued at $40,105,877.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the transaction, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $31.86, for a total value of $31,860.00. Following the completion of the sale, the chief executive officer now directly owns 1,258,816 shares in the company, valued at approximately $40,105,877.76. The disclosure for this sale can be found here. Insiders have sold a total of 461,287 shares of company stock worth $13,340,395 in the last three months.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at about $25,000. State of Wyoming acquired a new position in GigaCloud Technology in the 2nd quarter valued at approximately $27,000. CWM LLC purchased a new stake in GigaCloud Technology in the 4th quarter worth approximately $30,000. Quarry LP purchased a new stake in GigaCloud Technology in the 4th quarter worth approximately $47,000. Finally, UBS Group AG acquired a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $61,000. 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.