GigaCloud Technology (NASDAQ:GCT) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen cut shares of GigaCloud Technology (NASDAQ:GCT) from a strong-buy rating to a buy rating in a report released on Saturday.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of GigaCloud Technology in a research note on Friday, April 24th. Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

GigaCloud Technology Stock Down 2.7%

Shares of GigaCloud Technology stock opened at $36.06 on Friday. GigaCloud Technology has a 12 month low of $17.11 and a 12 month high of $51.86. The stock has a market cap of $1.33 billion, a PE ratio of 9.06 and a beta of 1.83. The business has a fifty day simple moving average of $43.62 and a 200 day simple moving average of $39.58.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, May 7th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.17. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The firm had revenue of $359.49 million during the quarter, compared to analysts’ expectations of $342.58 million. During the same period in the previous year, the firm earned $0.68 earnings per share. The company’s revenue was up 32.2% on a year-over-year basis. Analysts expect that GigaCloud Technology will post 4.28 EPS for the current fiscal year.

Insider Activity

In other news, CTO Xin Wan sold 100,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the completion of the transaction, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Lei Wu sold 70,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $45.28, for a total value of $3,169,600.00. Following the transaction, the chief executive officer directly owned 608,090 shares of the company’s stock, valued at $27,534,315.20. This represents a 10.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 598,090 shares of company stock valued at $25,666,400 over the last ninety days. 24.71% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its position in shares of GigaCloud Technology by 53.8% during the first quarter. The Manufacturers Life Insurance Company now owns 10,600 shares of the company’s stock worth $481,000 after buying an additional 3,707 shares during the period. Quantinno Capital Management LP boosted its position in shares of GigaCloud Technology by 89.1% during the first quarter. Quantinno Capital Management LP now owns 15,883 shares of the company’s stock worth $721,000 after buying an additional 7,484 shares during the period. Renaissance Technologies LLC acquired a new position in shares of GigaCloud Technology during the first quarter worth about $3,576,000. Sei Investments Co. acquired a new position in shares of GigaCloud Technology during the first quarter worth about $2,786,000. Finally, Cetera Investment Advisers boosted its position in shares of GigaCloud Technology by 55.2% during the first quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock worth $2,413,000 after buying an additional 18,914 shares during the period. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.