GigaCloud Technology (NASDAQ:GCT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of GigaCloud Technology (NASDAQ:GCT) from a hold rating to a buy rating in a report published on Saturday.

GCT has been the topic of several other reports. Zacks Research upgraded GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Weiss Ratings lowered shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT opened at $38.65 on Friday. GigaCloud Technology has a 1 year low of $11.17 and a 1 year high of $40.95. The company has a market cap of $1.43 billion, a PE ratio of 11.57 and a beta of 2.28. The stock’s 50-day moving average is $32.05 and its 200 day moving average is $27.03.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $300.96 million. During the same quarter in the previous year, the business posted $1.15 earnings per share. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. Analysts expect that GigaCloud Technology will post 3.1 EPS for the current fiscal year.

GigaCloud Technology announced that its board has approved a stock repurchase plan on Monday, August 18th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at GigaCloud Technology

In related 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 transaction of $3,518,000.00. Following the transaction, the chief operating officer owned 407,486 shares in the company, valued at $14,335,357.48. This represents a 19.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 360,000 shares of company stock worth $12,049,792 over the last three months. 24.71% of the stock is owned by insiders.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Jones Financial Companies Lllp increased its holdings in GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after buying an additional 589 shares during the last quarter. Quarry LP purchased a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $29,000. Larson Financial Group LLC purchased a new position in shares of GigaCloud Technology in the third quarter worth $30,000. Caitong International Asset Management Co. Ltd bought a new position in shares of GigaCloud Technology during the third quarter worth $30,000. Finally, Ameritas Advisory Services LLC bought a new position in shares of GigaCloud Technology during the second quarter worth $35,000. 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.