GigaCloud Technology (NASDAQ:GCT) Stock Price Down 10.2%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) traded down 10.2% during trading on Wednesday . The company traded as low as $25.22 and last traded at $28.23. 6,363,197 shares traded hands during trading, an increase of 107% from the average session volume of 3,075,542 shares. The stock had previously closed at $31.45.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GCT shares. Maxim Group started coverage on shares of GigaCloud Technology in a research report on Wednesday. They set a “buy” rating and a $69.00 price target on the stock. Roth Mkm upped their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Trading Up 0.6 %

The company’s 50 day simple moving average is $33.70 and its 200-day simple moving average is $25.59. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.68 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The business had revenue of $251.08 million during the quarter, compared to the consensus estimate of $235.00 million. During the same quarter in the previous year, the business earned $0.39 earnings per share. Sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction 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 sale, the chief technology officer now owns 947,540 shares in the company, valued at $25,829,940.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,453,279 shares of company stock valued at $49,256,053. 43.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently bought and sold shares of GCT. Acadian Asset Management LLC purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $9,634,000. New York State Common Retirement Fund purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $1,895,000. Quadrature Capital Ltd bought a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $2,803,000. Pacific Ridge Capital Partners LLC bought a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $586,000. Finally, Tidal Investments LLC bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at approximately $1,731,000. 34.94% of the stock is currently owned by 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.