Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Expands By 18.5%

GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 4,300,000 shares, a growth of 18.5% from the May 15th total of 3,630,000 shares. Approximately 21.6% of the shares of the company are sold short. Based on an average trading volume of 3,010,000 shares, the days-to-cover ratio is presently 1.4 days.

GigaCloud Technology Stock Performance

GigaCloud Technology stock opened at $30.06 on Tuesday. GigaCloud Technology has a 52 week low of $6.70 and a 52 week high of $45.18. The stock has a market capitalization of $1.23 billion, a P/E ratio of 11.70 and a beta of 1.88. The stock has a fifty day moving average of $33.86 and a 200-day moving average of $28.42.

GigaCloud Technology (NASDAQ:GCTGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. The company had revenue of $251.08 million for the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same period last year, the company posted $0.39 EPS. On average, research analysts forecast that GigaCloud Technology will post 3.25 earnings per share for the current year.

Analysts Set New Price Targets

GCT has been the subject of a number of analyst reports. Maxim Group began coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target for the company. Roth Mkm raised their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

Check Out Our Latest Stock Report on GCT

Insiders Place Their Bets

In related news, COO Xinyan Hao sold 38,064 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.77, for a total transaction of $1,057,037.28. Following the transaction, the chief operating officer now directly owns 1,110,848 shares of the company’s stock, valued at approximately $30,848,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO Xin Wan sold 150,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $25,829,940.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Xinyan Hao sold 38,064 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.77, for a total transaction of $1,057,037.28. Following the completion of the transaction, the chief operating officer now owns 1,110,848 shares in the company, valued at $30,848,248.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,578,698 shares of company stock valued at $53,711,842. 43.00% of the stock is currently owned by corporate insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $30,000. Quarry LP bought a new position in shares of GigaCloud Technology during the fourth quarter worth about $47,000. Tucker Asset Management LLC raised its position in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the last quarter. Avantax Advisory Services Inc. increased its position in GigaCloud Technology by 86.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after purchasing an additional 10,659 shares during the period. Finally, Foundations Investment Advisors LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $207,000. Institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

(Get Free Report)

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.

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