Key Points
- GigaCloud Technology CTO Xin Wan sold 60,000 shares for approximately $3.06 million at an average price of $50.94, reducing his holdings by 8.36% to 657,540 shares.
- The company reported a strong quarterly performance, with earnings of $1.16 per share and revenue of $411.64 million, exceeding analyst estimates of $0.90 per share and $380.63 million, respectively.
- GigaCloud shares opened at $51.66, near their one-year high of $56.27, while analysts maintain an overall “Hold” rating; institutional investors and hedge funds own 34.94% of the stock.
GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 5,000 shares of GigaCloud Technology stock in a transaction on Monday, August 10th. The shares were sold at an average price of $51.88, for a total transaction of $259,400.00. Following the completion of the sale, the insider directly owned 63,150 shares of the company's stock, valued at approximately $3,276,222. The trade was a 7.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
GigaCloud Technology Stock Performance
Shares of NASDAQ GCT opened at $51.66 on Thursday. GigaCloud Technology Inc. has a 52 week low of $25.15 and a 52 week high of $56.27. The business's 50-day simple moving average is $37.43 and its 200-day simple moving average is $39.85. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 12.21 and a beta of 1.65.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.26. The company had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. As a group, equities research analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on the company. Weiss Ratings lowered GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 8th. Wall Street Zen downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Finally, Zacks Research lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold".
Get Our Latest Analysis on GCT
Hedge Funds Weigh In On GigaCloud Technology
Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in GigaCloud Technology during the 3rd quarter worth approximately $29,000. Larson Financial Group LLC bought a new position in shares of GigaCloud Technology during the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd bought a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $30,000. Wealth Enhancement Advisory Services LLC acquired a new stake in GigaCloud Technology in the 4th quarter valued at $44,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of GigaCloud Technology in the first quarter valued at about $60,000. Institutional investors and hedge funds own 34.94% of the company's stock.
GigaCloud Technology Company Profile
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Get Free Report)
GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.
Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.
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