GigaCloud Technology (NASDAQ:GCT) Upgraded 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 Monday morning,Wall Street Zen reports.

A number of other brokerages have also recently commented on GCT. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Weiss Ratings raised shares of GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Strong Buy”.

GigaCloud Technology Trading Up 1.3%

GCT opened at $57.75 on Monday. The stock has a 50-day moving average price of $52.55 and a 200-day moving average price of $43.76. GigaCloud Technology has a 12-month low of $25.39 and a 12-month high of $58.25. The stock has a market capitalization of $2.06 billion, a P/E ratio of 13.48 and a beta of 1.64.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.90 by $0.26. The firm had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. On average, equities research analysts predict that GigaCloud Technology will post 4.92 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Xin Wan sold 60,000 shares of GigaCloud Technology stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total value of $3,056,400.00. Following the transaction, the chief technology officer owned 657,540 shares in the company, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zhiwu Chen sold 3,000 shares of the business’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the sale, the director directly owned 21,057 shares of the company’s stock, valued at approximately $1,118,547.84. This trade represents a 12.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 127,000 shares of company stock valued at $6,636,604 over the last three months. Insiders own 23.37% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of GCT. Strs Ohio lifted its position in GigaCloud Technology by 3.7% in the first quarter. Strs Ohio now owns 11,100 shares of the company’s stock valued at $504,000 after purchasing an additional 400 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of GigaCloud Technology by 83.8% in the third quarter. GAMMA Investing LLC now owns 1,250 shares of the company’s stock worth $65,000 after purchasing an additional 570 shares during the last quarter. Arete Wealth Advisors LLC grew its holdings in shares of GigaCloud Technology by 6.7% in the first quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock worth $687,000 after purchasing an additional 945 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of GigaCloud Technology in the second quarter worth approximately $30,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the first quarter worth $60,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.