GigaCloud Technology (NASDAQ:GCT) Shares Gap Up – Time to Buy?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) gapped up before the market opened on Friday . The stock had previously closed at $23.82, but opened at $25.50. GigaCloud Technology shares last traded at $26.83, with a volume of 1,138,630 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital assumed coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price objective for the company.

GigaCloud Technology Stock Performance

The business has a 50 day moving average of $22.20 and a 200-day moving average of $27.35. The company has a market capitalization of $1.11 billion, a P/E ratio of 8.58 and a beta of 1.78.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.32. The company had revenue of $310.90 million for the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. GigaCloud Technology’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 earnings per share. As a group, equities analysts forecast that GigaCloud Technology Inc. will post 2.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in GigaCloud Technology during the 3rd quarter valued at $1,083,000. Janney Montgomery Scott LLC bought a new stake in GigaCloud Technology during the 1st quarter valued at about $599,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares in the last quarter. WT Asset Management Ltd bought a new stake in shares of GigaCloud Technology in the third quarter worth approximately $2,804,000. Finally, Bank of New York Mellon Corp bought a new position in GigaCloud Technology in the second quarter valued at about $2,000,000. 34.94% of the stock is owned by institutional investors.

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.