GigaCloud Technology (NASDAQ:GCT) Shares Up 5.2% – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price shot up 5.2% during trading on Tuesday . The stock traded as high as $23.70 and last traded at $23.68. 846,333 shares traded hands during trading, a decline of 62% from the average session volume of 2,222,982 shares. The stock had previously closed at $22.51.

Analysts Set New Price Targets

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

GigaCloud Technology Trading Up 3.5 %

The firm has a market capitalization of $986.56 million, a PE ratio of 7.36 and a beta of 1.78. The firm’s fifty day moving average price is $23.02 and its 200 day moving average price is $26.56.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank acquired a new stake in GigaCloud Technology during the second quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at about $51,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in GigaCloud Technology in the 2nd quarter worth about $66,000. 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.