GigaCloud Technology (NASDAQ:GCT) Shares Gap Up – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT) gapped up prior to trading on Friday . The stock had previously closed at $23.82, but opened at $25.50. GigaCloud Technology shares last traded at $26.83, with a volume of 1,138,630 shares traded.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital started coverage on GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price on the stock.

GigaCloud Technology Price Performance

The company’s 50-day simple moving average is $22.20 and its 200 day simple moving average is $27.35. The firm has a market cap of $1.11 billion, a P/E ratio of 8.58 and a beta of 1.78.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The company’s revenue for the quarter was up 102.8% on a year-over-year basis. During the same period last year, the company earned $0.45 EPS. Analysts anticipate that GigaCloud Technology Inc. will post 2.91 EPS for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new position in GigaCloud Technology in the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC bought a new position in GigaCloud Technology in the 3rd quarter worth about $26,000. New York State Teachers Retirement System bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $49,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $66,000. Finally, Banque Cantonale Vaudoise grew its stake in GigaCloud Technology by 345.6% in the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock worth $167,000 after purchasing an additional 5,651 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors.

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.