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

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

Separately, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

GigaCloud Technology Trading Down 2.5%

GCT opened at $52.62 on Friday. GigaCloud Technology has a 12 month low of $25.39 and a 12 month high of $56.27. The company has a market cap of $1.88 billion, a PE ratio of 12.44 and a beta of 1.65. The company has a 50 day moving average of $49.17 and a 200 day moving average of $42.70.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The business had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $380.63 million. Research analysts forecast that GigaCloud Technology will post 4.18 earnings per share for the current fiscal year.

Insider Activity at GigaCloud Technology

In related news, Director Zhiwu Chen sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the transaction, the director owned 21,057 shares of the company’s stock, valued at approximately $1,118,547.84. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Xin Wan sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer directly owned 657,540 shares in the company, valued at $33,495,087.60. This trade represents a 8.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 127,000 shares of company stock valued at $6,636,604. Corporate insiders own 23.37% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Strs Ohio lifted its stake in GigaCloud Technology by 3.7% during the first quarter. Strs Ohio now owns 11,100 shares of the company’s stock worth $504,000 after purchasing an additional 400 shares during the last quarter. Arete Wealth Advisors LLC increased its position in shares of GigaCloud Technology by 6.7% during the 1st quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after purchasing an additional 945 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of GigaCloud Technology during the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology during the 1st quarter valued at about $60,000. Finally, Archer Investment Corp purchased a new position in shares of GigaCloud Technology during the 1st quarter valued at about $97,000. Institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.