GigaCloud Technology (NASDAQ:GCT) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of GigaCloud Technology (NASDAQ:GCT) from a buy rating to a strong-buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $53.98 on Friday. The firm’s 50 day moving average price is $48.89 and its 200-day moving average price is $42.64. GigaCloud Technology has a one year low of $25.39 and a one year high of $56.27. The firm has a market cap of $1.93 billion, a P/E ratio of 12.76 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. As a group, research analysts predict that GigaCloud Technology will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling

In other GigaCloud Technology news, insider Marshall Bernes sold 13,800 shares of the stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00. Following the sale, the insider directly owned 7,150 shares in the company, valued at $388,316.50. This represents a 65.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Xin Wan sold 60,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer owned 657,540 shares in the company, valued at approximately $33,495,087.60. This trade represents a 8.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 122,503 shares of company stock valued at $6,395,655 in the last ninety days. Company insiders own 23.37% of the company’s stock.

Institutional Trading of GigaCloud Technology

Several hedge funds have recently modified their holdings of the stock. Strs Ohio grew its stake in GigaCloud Technology by 3.7% during the 1st quarter. Strs Ohio now owns 11,100 shares of the company’s stock worth $504,000 after purchasing an additional 400 shares in the last quarter. Arete Wealth Advisors LLC raised its position in GigaCloud Technology by 6.7% in the 1st quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after purchasing an additional 945 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in GigaCloud Technology in the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the 1st quarter valued at about $60,000. Finally, Archer Investment Corp purchased a new position in shares of GigaCloud Technology in the 1st quarter valued at about $97,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.