GigaCloud Technology Shares Down 3.6%
GigaCloud Technology Inc. saw its stock price drop by 3.6% during trading on Friday. The company had traded as low as $28.19 and ended the day at $28.40. This was a significant decline, as approximately 422,151 shares were traded, which is 85% less than the usual daily volume of 2,878,386 shares. The stock had previously closed at $29.46.
Recent Broker Ratings
Several investment firms have recently shared their opinions on GigaCloud Technology:
- Roth MKM raised their price target for the company's stock from $28.00 to $35.00 and gave it a "buy" rating.
- Maxim Group started covering the stock, giving it a "buy" rating with an impressive target price of $69.00.
Company Performance and Financials
GigaCloud Technology reported impressive earnings on May 9th:
- Net margin: 12.74%
- Return on equity: 41.24%
- Quarterly earnings per share (EPS): $0.84, exceeding analysts' expectations of $0.51.
- Revenue: $251.08 million, higher than the expected $235.00 million.
- The company's market cap is $1.20 billion, with a PE ratio of 11.41 and a beta of 1.87.
- Analysts predict that GigaCloud Technology will post 3.25 EPS for the current fiscal year.
Insider Transactions
There have been several notable insider transactions recently:
- Frank Hurst Lin, a director at GigaCloud Technology, sold 87,045 shares at an average price of $32.23, amounting to $2,805,460.35. Lin now owns 4,891,063 shares, valued at $157,638,960.49.
- Xinyan Hao, the Chief Operating Officer, sold 38,064 shares at an average price of $27.77, totaling $1,057,037.28. Hao now holds 1,110,848 shares, valued at approximately $30,848,248.96.
In the past three months, insiders have sold 1,578,698 shares, worth $53,711,842. Currently, 43.00% of the company's stock is owned by insiders.
Institutional Investors
Large investors and hedge funds have been adjusting their stakes in GigaCloud Technology:
- Tidal Investments LLC acquired a new stake worth approximately $1,731,000.
- Truvestments Capital LLC also bought in with an investment of about $327,000.
- Avantax Advisory Services Inc. increased its stake by 86.3%, now owning 23,014 shares valued at $615,000.
- Thoroughbred Financial Services LLC entered with a new position worth $1,212,000.
- Empowered Funds LLC raised its stake by 8.1%, now owning 163,510 shares worth $4,369,000.
Currently, around 34.94% of GigaCloud Technology's stocks are owned by institutional investors.
About GigaCloud Technology Inc.
GigaCloud Technology is a company that offers end-to-end B2B ecommerce solutions for large parcel merchandise within the United States and internationally. The company's primary product, GigaCloud Marketplace, combines product discovery, payments, and logistics tools into one seamless platform.
Their marketplace helps connect manufacturers in Asia with resellers in the United States, Asia, and Europe, facilitating cross-border transactions. Products traded on their platform include furniture, home appliances, fitness equipment, and other large parcel categories.
