GigaCloud Technology (NASDAQ:GCT) Hits New 52-Week High – Time to Buy?

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price reached a new 52-week high on Monday . The stock traded as high as $40.95 and last traded at $39.3150, with a volume of 68975 shares traded. The stock had previously closed at $40.37.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Finally, Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, GigaCloud Technology currently has an average rating of “Moderate Buy” and an average price target of $24.00.

GigaCloud Technology Price Performance

The firm has a market capitalization of $1.44 billion, a PE ratio of 11.65 and a beta of 2.28. The stock’s 50-day moving average price is $31.85 and its 200 day moving average price is $26.88.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, November 6th. The company reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The business had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same period in the previous year, the company posted $1.15 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis. Equities research analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology announced that its Board of Directors has approved a stock buyback program on Monday, August 18th that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, COO Xinyan Hao sold 100,000 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $35.18, for a total value of $3,518,000.00. Following the completion of the sale, the chief operating officer owned 407,486 shares of the company’s stock, valued at $14,335,357.48. This represents a 19.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold a total of 360,000 shares of company stock worth $12,049,792 in the last quarter. Company insiders own 24.71% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently made changes to their positions in GCT. Ameritas Investment Partners Inc. raised its holdings in GigaCloud Technology by 17.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after purchasing an additional 405 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after acquiring an additional 483 shares in the last quarter. Stratos Wealth Partners LTD. lifted its position in GigaCloud Technology by 5.6% in the second quarter. Stratos Wealth Partners LTD. now owns 10,945 shares of the company’s stock valued at $217,000 after acquiring an additional 585 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in GigaCloud Technology by 184.6% in the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after acquiring an additional 589 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of GigaCloud Technology by 14.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock worth $166,000 after purchasing an additional 759 shares during the last quarter. Hedge funds and other institutional investors 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.