GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $35.09

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $35.09, but opened at $35.85. GigaCloud Technology shares last traded at $35.47, with a volume of 765,580 shares trading hands.

Analysts Set New Price Targets

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

GigaCloud Technology Price Performance

The company has a 50 day moving average price of $32.76 and a two-hundred day moving average price of $20.86. The stock has a market cap of $1.50 billion, a PE ratio of 16.00 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results 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 analysts’ expectations of $220.30 million. As a group, equities analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current fiscal year.

Insider Transactions at GigaCloud Technology

In related news, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the sale, the chief executive officer now owns 1,105,816 shares of the company’s stock, valued at $38,272,291.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the sale, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the sale, the chief executive officer now directly owns 1,105,816 shares of the company’s stock, valued at approximately $38,272,291.76. The disclosure for this sale can be found here. Insiders sold 550,287 shares of company stock worth $16,328,105 over the last quarter. 45.30% of the stock is currently owned by insiders.

Institutional Trading of GigaCloud Technology

Several large investors have recently modified their holdings of the company. UBS Group AG bought a new stake in GigaCloud Technology during the third quarter valued at about $61,000. Marshall Wace LLP bought a new stake in GigaCloud Technology during the third quarter valued at about $1,425,000. Geode Capital Management LLC bought a new stake in GigaCloud Technology during the fourth quarter valued at about $102,000. Verition Fund Management LLC grew its holdings in GigaCloud Technology by 123.8% during the fourth 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 period. Finally, Morgan Stanley bought a new stake in GigaCloud Technology during the fourth quarter valued at about $25,000. Institutional investors 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.