GigaCloud Technology (NASDAQ:GCT) Stock Price Up 4.7% – Still a Buy?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price shot up 4.7% on Thursday . The stock traded as high as $16.25 and last traded at $16.06. 439,361 shares traded hands during trading, a decline of 73% from the average session volume of 1,621,740 shares. The stock had previously closed at $15.34.

Wall Street Analyst Weigh In

Several research analysts have commented on GCT shares. Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Lake Street Capital decreased their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.67.

GigaCloud Technology Stock Performance

The stock’s 50 day simple moving average is $18.09 and its 200 day simple moving average is $20.60. The firm has a market capitalization of $605.40 million, a P/E ratio of 4.78 and a beta of 2.05.

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 the consensus estimate of $0.90 by ($0.14). The firm had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. During the same quarter in the prior year, the company posted $0.87 earnings per share. On average, analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently bought and sold shares of the business. US Bancorp DE increased its holdings in shares of GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after acquiring an additional 1,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in GigaCloud Technology in the third quarter valued at approximately $51,000. Amundi purchased a new position in shares of GigaCloud Technology during the fourth quarter worth $45,000. Quarry LP raised its stake in shares of GigaCloud Technology by 519.8% during the 3rd quarter. Quarry LP now owns 3,663 shares of the company’s stock valued at $84,000 after buying an additional 3,072 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at approximately $79,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.