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

Roth Mkm cut shares of GigaCloud Technology (NASDAQ:GCT) from a buy rating to a neutral rating in a research note published on Tuesday morning, MarketBeat reports. They currently have $15.00 target price on the stock, down from their prior target price of $32.00.

GigaCloud Technology Trading Down 5.1 %

Shares of GCT stock opened at $15.63 on Tuesday. The company has a market capitalization of $640.39 million, a price-to-earnings ratio of 4.95 and a beta of 1.94. GigaCloud Technology has a 1-year low of $13.60 and a 1-year high of $45.18. The stock’s fifty day simple moving average is $19.39 and its 200-day simple moving average is $21.19.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The business had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. During the same quarter in the prior year, the company earned $0.87 EPS. On average, sell-side analysts predict that GigaCloud Technology will post 3.1 EPS for the current year.

Insider Transactions at GigaCloud Technology

In other news, insider Marshall Bernes purchased 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the purchase, the insider now owns 45,000 shares in the company, valued at $787,500. This represents a 12.50 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Xin Wan sold 68,437 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the transaction, the chief technology officer now directly owns 1,563 shares in the company, valued at approximately $31,932.09. The trade was a 97.77 % decrease in their position. The disclosure for this sale can be found here. 43.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd acquired a new stake in shares of GigaCloud Technology in the third quarter worth $6,956,000. Oasis Management Co Ltd. acquired a new stake in GigaCloud Technology during the fourth quarter worth about $5,550,000. Geode Capital Management LLC raised its holdings in GigaCloud Technology by 90.7% in the 3rd quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after acquiring an additional 274,506 shares in the last quarter. Jane Street Group LLC raised its stake in shares of GigaCloud Technology by 1,599.5% in the 4th quarter. Jane Street Group LLC now owns 236,202 shares of the company’s stock valued at $4,374,000 after buying an additional 222,304 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after acquiring an additional 158,033 shares during the period. 34.94% of the stock is currently owned by institutional investors.

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.