GigaCloud Technology (NASDAQ:GCT) Shares Up 3.9%

GigaCloud Technology Inc. (NASDAQ:GCT) shares shot up 3.9% during trading on Monday . The stock traded as high as $34.73 and last traded at $33.00. 1,834,872 shares traded hands during trading, a decline of 41% from the average session volume of 3,109,849 shares. The stock had previously closed at $31.75.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Trading Up 8.1 %

The company has a 50-day moving average price of $32.50 and a two-hundred day moving average price of $20.58. The stock has a market capitalization of $1.43 billion, a P/E ratio of 15.26 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. Research analysts forecast that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Transactions at GigaCloud Technology

In related news, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the completion of the sale, the director now directly owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total value of $4,043,486.86. Following the completion of the sale, the director now directly owns 5,764,302 shares of the company’s stock, valued at $175,119,494.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 461,287 shares of company stock valued at $13,340,395.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $9,634,000. Bridgeway Capital Management LLC acquired a new position in GigaCloud Technology during the 4th quarter valued at about $6,036,000. Verition Fund Management LLC acquired a new position in GigaCloud Technology during the 4th quarter valued at about $4,613,000. New York State Common Retirement Fund acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $1,895,000. Finally, Quadrature Capital Ltd acquired a new position in GigaCloud Technology during the 4th quarter valued at about $2,803,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.