GigaCloud Technology (NASDAQ:GCT) Stock Moved Down to “Buy” by Wall Street Zen

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

Separately, Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, September 24th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT opened at $53.75 on Friday. The business has a 50-day moving average of $50.41 and a 200-day moving average of $42.99. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 12.71 and a beta of 1.64. GigaCloud Technology has a fifty-two week low of $25.39 and a fifty-two week high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. On average, sell-side analysts expect that GigaCloud Technology will post 4.92 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its position in GigaCloud Technology by 252.3% during the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after acquiring an additional 338,269 shares during the last quarter. Tieton Capital Management LLC acquired a new position in shares of GigaCloud Technology in the second quarter valued at approximately $6,257,000. First Trust Advisors LP grew its position in shares of GigaCloud Technology by 5.4% in the first quarter. First Trust Advisors LP now owns 102,014 shares of the company’s stock valued at $4,629,000 after purchasing an additional 5,203 shares during the last quarter. Bank of America Corp DE increased its stake in shares of GigaCloud Technology by 184.3% during the first quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after purchasing an additional 64,799 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of GigaCloud Technology during the first quarter worth approximately $3,576,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.