GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.2% – Time to Buy?

GigaCloud Technology Inc. (NASDAQ:GCT) rose 5.2% during trading on Tuesday . The company traded as high as $23.70 and last traded at $23.68. Approximately 846,333 shares changed hands during trading, a decline of 62% from the average daily volume of 2,222,982 shares. The stock had previously closed at $22.51.

Analysts Set New Price Targets

GCT has been the subject of a number of research analyst reports. Lake Street Capital began coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 price objective for the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th.

GigaCloud Technology Price Performance

The company has a market capitalization of $989.43 million, a price-to-earnings ratio of 7.68 and a beta of 1.78. The business has a fifty day moving average price of $22.81 and a 200 day moving average price of $26.67.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Amalgamated Bank purchased a new stake in GigaCloud Technology in the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $26,000. New York State Teachers Retirement System bought a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of GigaCloud Technology in the 2nd quarter valued at approximately $66,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.