GigaCloud Technology (NASDAQ:GCT) Earns “Buy” Rating from Roth Mkm

GigaCloud Technology (NASDAQ:GCT)‘s stock had its “buy” rating reissued by stock analysts at Roth Mkm in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 price target on the stock. Roth Mkm’s price target suggests a potential upside of 27.69% from the company’s previous close.

Separately, Roth Capital restated a “buy” rating on shares of GigaCloud Technology in a research report on Friday, June 16th.

GigaCloud Technology Trading Up 2.6 %

Shares of GCT stock traded up $0.32 during trading on Thursday, reaching $12.53. 749,868 shares of the company’s stock traded hands, compared to its average volume of 584,059. GigaCloud Technology has a 1 year low of $4.14 and a 1 year high of $19.50. The company has a market capitalization of $509.78 million and a P/E ratio of 10.80. The firm’s 50-day moving average is $10.59 and its 200 day moving average is $7.61.

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

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG purchased a new stake in GigaCloud Technology during the 3rd quarter valued at about $61,000. Marshall Wace LLP bought a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $1,425,000. Geode Capital Management LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $102,000. Verition Fund Management LLC grew its position in GigaCloud Technology by 123.8% during the 4th quarter. Verition Fund Management LLC now owns 73,789 shares of the company’s stock valued at $420,000 after purchasing an additional 40,824 shares during the last quarter. Finally, Morgan Stanley bought a new stake in shares of GigaCloud Technology during the fourth quarter valued at approximately $25,000. Hedge funds and other institutional investors own 21.21% of the company’s stock.

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.