GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Up 8.1% in March

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 2,810,000 shares, a growth of 8.1% from the March 15th total of 2,600,000 shares. Approximately 17.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,160,000 shares, the days-to-cover ratio is presently 0.9 days.

GigaCloud Technology Trading Down 1.5 %

Shares of NASDAQ GCT traded down $0.52 during midday trading on Wednesday, hitting $34.57. 2,097,892 shares of the company’s stock were exchanged, compared to its average volume of 3,121,726. The business’s fifty day moving average price is $32.50 and its two-hundred day moving average price is $20.58. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26. GigaCloud Technology has a 12-month low of $4.93 and a 12-month high of $45.18.

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at approximately $44,322,801.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Lei Wu sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at $44,322,801.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the director now directly owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The disclosure for this sale can be found here. Insiders sold 461,287 shares of company stock valued at $13,340,395 in the last quarter.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently bought and sold shares of the company. CWM LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at approximately $30,000. Quarry LP bought a new stake in GigaCloud Technology in the fourth quarter valued at approximately $47,000. State of Wyoming bought a new stake in GigaCloud Technology in the second quarter valued at approximately $27,000. Morgan Stanley bought a new stake in GigaCloud Technology in the fourth quarter valued at approximately $25,000. Finally, Royal Bank of Canada bought a new stake in GigaCloud Technology in the fourth quarter valued at approximately $108,000. Institutional investors 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.