GigaCloud Technology (NASDAQ:GCT) Trading Down 10.4%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price dropped 10.4% during trading on Tuesday . The company traded as low as $15.75 and last traded at $15.89. Approximately 1,205,148 shares were traded during trading, an increase of 118% from the average daily volume of 552,841 shares. The stock had previously closed at $17.73.

Analyst Upgrades and Downgrades

GCT has been the subject of a number of analyst reports. Roth Mkm lifted their price objective on GigaCloud Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, August 16th. Roth Capital reiterated a “buy” rating on shares of GigaCloud Technology in a report on Friday, June 16th.

GigaCloud Technology Stock Down 22.7 %

The business has a fifty day moving average price of $10.38 and a 200 day moving average price of $7.52. The company has a market capitalization of $557.38 million and a P/E ratio of 14.16.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 15th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. GigaCloud Technology had a return on equity of 22.27% and a net margin of 8.88%. The firm had revenue of $153.13 million during the quarter, compared to analyst estimates of $141.30 million. During the same period last year, the company posted $0.15 EPS. As a group, equities analysts forecast that GigaCloud Technology Inc. will post 1.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley bought a new position in GigaCloud Technology in the fourth quarter worth about $25,000. State of Wyoming bought a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $27,000. Banque Cantonale Vaudoise bought a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $61,000. UBS Group AG purchased a new stake in GigaCloud Technology in the third quarter worth approximately $61,000. Finally, Two Sigma Investments LP purchased a new stake in GigaCloud Technology in the first quarter worth approximately $76,000. 21.21% of the stock is currently owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.