GigaCloud Technology (NASDAQ:GCT) Hits New 1-Year High After Earnings Beat

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $53.00 and last traded at $53.7250, with a volume of 378931 shares trading hands. The stock had previously closed at $46.24.

The company reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.75. The company had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $380.63 million. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%.

Analysts Set New Price Targets

Several research firms have recently commented on GCT. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.00.

Institutional Trading of GigaCloud Technology

Several large investors have recently bought and sold shares of the business. Quarry LP purchased a new position in shares of GigaCloud Technology during the third quarter worth $29,000. Larson Financial Group LLC purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology during the third quarter worth approximately $30,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at $44,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of GigaCloud Technology during the 1st quarter worth approximately $60,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Trading Up 20.6%

The firm has a market cap of $2.05 billion, a PE ratio of 14.05 and a beta of 1.65. The company has a 50 day moving average price of $35.74 and a 200 day moving average price of $39.43.

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.