GigaCloud Technology (NASDAQ:GCT) Shares Down 1.4%

GigaCloud Technology Inc. (NASDAQ:GCT) dropped 1.4% during trading on Tuesday . The company traded as low as $31.40 and last traded at $32.03. Approximately 775,645 shares traded hands during trading, a decline of 75% from the average daily volume of 3,102,853 shares. The stock had previously closed at $32.47.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm increased 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.

GigaCloud Technology Trading Down 0.4 %

The firm has a fifty day simple moving average of $32.64 and a 200-day simple moving average of $20.76. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 15.20 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 (EPS) 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 for the quarter, compared to the consensus estimate of $220.30 million. On average, equities analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GigaCloud Technology news, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the transaction, the director now owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction on 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 owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 506,287 shares of company stock valued at $14,805,265. 45.30% of the stock is currently owned by corporate insiders.

Institutional Trading of GigaCloud Technology

Several hedge funds have recently added to or reduced their stakes in the business. Harbour Capital Advisors LLC acquired a new stake in GigaCloud Technology during the 1st quarter worth $769,000. Nomura Holdings Inc. acquired a new stake in GigaCloud Technology during the 4th quarter worth $991,000. Quadrature Capital Ltd acquired a new stake in GigaCloud Technology during the 4th quarter worth $2,803,000. Tucker Asset Management LLC raised its stake in GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares during the period. Finally, Quarry LP acquired a new stake in GigaCloud Technology during the 4th quarter worth $47,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.