GigaCloud Technology (NASDAQ:GCT) Shares Down 6.1% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT) traded down 6.1% during mid-day trading on Wednesday . The stock traded as low as $25.07 and last traded at $25.15. 491,817 shares changed hands during trading, a decline of 79% from the average session volume of 2,290,523 shares. The stock had previously closed at $26.79.

Analyst Ratings Changes

Several research analysts have recently commented on GCT shares. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital began coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Stock Down 7.8 %

The firm has a fifty day moving average price of $21.73 and a two-hundred day moving average price of $28.09. The stock has a market capitalization of $1.01 billion, a P/E ratio of 9.60 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The business had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. During the same period in the previous year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 102.8% compared to the same quarter last year. Sell-side analysts anticipate that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new position in shares of GigaCloud Technology during the second quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of GigaCloud Technology during the 2nd quarter valued at about $66,000. Creative Planning bought a new stake in shares of GigaCloud Technology in the third quarter worth approximately $207,000. Finally, SG Americas Securities LLC purchased a new position in shares of GigaCloud Technology during the third quarter valued at approximately $231,000. 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.