GigaCloud Technology Inc. (NASDAQ:GCT) Sees Significant Decrease in Short Interest

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a large decrease in short interest in the month of January. As of January 30th, there was short interest totaling 1,899,615 shares, a decrease of 17.8% from the January 15th total of 2,310,141 shares. Currently, 6.8% of the shares of the company are short sold. Based on an average daily trading volume, of 562,910 shares, the days-to-cover ratio is presently 3.4 days. Based on an average daily trading volume, of 562,910 shares, the days-to-cover ratio is presently 3.4 days. Currently, 6.8% of the shares of the company are short sold.

GigaCloud Technology Stock Performance

NASDAQ GCT traded down $0.61 during trading hours on Tuesday, reaching $34.62. The stock had a trading volume of 288,771 shares, compared to its average volume of 515,586. The stock has a fifty day moving average of $39.75 and a 200 day moving average of $33.39. The stock has a market cap of $1.28 billion, a P/E ratio of 10.37 and a beta of 2.28. GigaCloud Technology has a 52-week low of $11.17 and a 52-week high of $44.71.

Insiders Place Their Bets

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $41.34, for a total transaction of $826,800.00. Following the completion of the sale, the chief executive officer directly owned 700,000 shares of the company’s stock, valued at approximately $28,938,000. This represents a 2.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Xinyan Hao sold 100,000 shares of GigaCloud Technology stock in a transaction on Friday, November 21st. The stock was 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 301,229 shares of company stock worth $11,539,589. Company insiders own 24.71% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds have recently added to or reduced their stakes in GCT. LSV Asset Management raised its stake in shares of GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after buying an additional 656,900 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in GigaCloud Technology during the third quarter valued at approximately $14,335,000. UBS Group AG lifted its holdings in GigaCloud Technology by 133.8% in the third quarter. UBS Group AG now owns 441,992 shares of the company’s stock valued at $12,553,000 after acquiring an additional 252,934 shares during the period. JPMorgan Chase & Co. boosted its position in GigaCloud Technology by 67.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after purchasing an additional 137,201 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $5,266,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on GCT. Wall Street Zen raised shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Finally, Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.00.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.