GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.2% – Still a Buy?

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

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Trading Up 7.3 %

The business’s 50-day simple moving average is $22.81 and its 200 day simple moving average is $26.67. The firm has a market cap of $989.43 million, a PE ratio of 7.68 and a beta of 1.78.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in the company. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology during the second quarter worth $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of GigaCloud Technology during the third quarter worth about $26,000. New York State Teachers Retirement System purchased a new stake in shares of GigaCloud Technology during the third quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in GigaCloud Technology in the third quarter valued at approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology during the second quarter worth approximately $66,000. 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.