GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $35.09

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $35.09, but opened at $35.85. GigaCloud Technology shares last traded at $35.47, with a volume of 765,580 shares.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm boosted their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The company has a market capitalization of $1.50 billion, a P/E ratio of 16.00 and a beta of 2.26. The company has a fifty day moving average price of $32.76 and a two-hundred day moving average price of $20.86.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The business had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In related news, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GigaCloud Technology news, CFO David Kwok Hei Lau sold 2,619 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at $847,991.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Xin Wan sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the transaction, the chief technology officer now directly owns 947,540 shares in the company, valued at $25,829,940.40. The disclosure for this sale can be found here. Insiders have sold 550,287 shares of company stock worth $16,328,105 over the last ninety days. Insiders own 45.30% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently added to or reduced their stakes in the business. PAX Financial Group LLC bought a new stake in GigaCloud Technology during the third quarter worth $141,000. Acadian Asset Management LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth $9,634,000. Ritholtz Wealth Management purchased a new stake in GigaCloud Technology during the 4th quarter worth about $295,000. WINTON GROUP Ltd purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $258,000. Finally, New York State Common Retirement Fund purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $1,895,000. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

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.