GigaCloud Technology (NASDAQ:GCT) Stock Price Down 6.1% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GCT. Lake Street Capital initiated coverage on GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price objective on the stock. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th.

GigaCloud Technology Stock Performance

The company has a fifty day simple moving average of $21.73 and a 200 day simple moving average of $28.09. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 9.60 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $275.47 million. During the same quarter in the previous year, the business earned $0.45 earnings per share. GigaCloud Technology’s revenue for the quarter was up 102.8% on a year-over-year basis. As a group, equities analysts predict that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GCT. Aptus Capital Advisors LLC purchased a new position in GigaCloud Technology in the second quarter valued at approximately $2,663,000. Second Line Capital LLC purchased a new position in shares of GigaCloud Technology during the second quarter worth about $2,660,000. Bank of New York Mellon Corp bought a new position in shares of GigaCloud Technology in the 2nd quarter worth $2,000,000. Tidal Investments LLC bought a new position in GigaCloud Technology in the first quarter valued at $1,731,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at about $1,595,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.