GigaCloud Technology Inc. (NASDAQ:GCT) Sees Large Drop in Short Interest

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 6,320,000 shares, a drop of 9.2% from the October 15th total of 6,960,000 shares. Approximately 25.2% of the shares of the company are sold short. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is presently 4.2 days.

Analyst Ratings Changes

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

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after purchasing an additional 274,506 shares during the period. State Street Corp increased its position in GigaCloud Technology by 31.7% during the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after purchasing an additional 121,037 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $6,956,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of GigaCloud Technology by 279.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after buying an additional 158,033 shares during the period. Finally, Empowered Funds LLC boosted its stake in shares of GigaCloud Technology by 5.3% in the third quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock valued at $4,263,000 after buying an additional 9,380 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

GCT traded up $1.65 during trading on Monday, hitting $22.51. The stock had a trading volume of 1,653,818 shares, compared to its average volume of 2,229,310. The firm has a market capitalization of $931.01 million, a P/E ratio of 6.65 and a beta of 1.78. GigaCloud Technology has a twelve month low of $8.70 and a twelve month high of $45.18. The company’s 50-day moving average price is $22.73 and its 200 day moving average price is $26.76.

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.