Lake Street Capital Has Lowered Expectations for GigaCloud Technology (NASDAQ:GCT) Stock Price

GigaCloud Technology (NASDAQ:GCT) had its target price dropped by equities researchers at Lake Street Capital from $50.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price would indicate a potential upside of 67.42% from the company’s previous close.

Separately, Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $32.00 to $15.00 in a research note on Tuesday.

GigaCloud Technology Stock Down 3.0 %

GCT traded down $0.48 on Tuesday, reaching $15.53. The company’s stock had a trading volume of 3,944,395 shares, compared to its average volume of 1,061,205. GigaCloud Technology has a fifty-two week low of $13.60 and a fifty-two week high of $45.18. The stock has a 50 day moving average of $19.52 and a two-hundred day moving average of $21.32. The company has a market capitalization of $636.30 million, a price-to-earnings ratio of 4.91 and a beta of 1.94.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The company had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. As a group, analysts anticipate that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Xin Wan sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the sale, the chief technology officer now directly owns 867,540 shares of the company’s stock, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Marshall Bernes acquired 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the transaction, the insider now owns 45,000 shares in the company, valued at $787,500. The trade was a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 2,811,979 shares of company stock valued at $61,233,745. Insiders own 43.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares during the period. Amundi acquired a new position in shares of GigaCloud Technology in the fourth quarter valued at approximately $45,000. New York State Teachers Retirement System purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in GigaCloud Technology during the third quarter worth about $51,000. Finally, Heck Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the 4th quarter worth about $79,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.