GigaCloud Technology (NASDAQ:GCT) Trading Down 6.8% – Should You Sell?

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded down 6.8% during trading on Monday . The company traded as low as $25.69 and last traded at $26.03. 1,517,576 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 2,235,089 shares. The stock had previously closed at $27.93.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital started coverage on GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Stock Performance

The company has a market cap of $894.20 million, a P/E ratio of 6.84 and a beta of 1.78. The company has a fifty day moving average price of $22.61 and a two-hundred day moving average price of $26.96.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd acquired a new stake in GigaCloud Technology during the third quarter worth approximately $6,956,000. Charles Schwab Investment Management Inc. raised its position in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after buying an additional 158,033 shares in the last quarter. Empowered Funds LLC raised its position in shares of GigaCloud Technology by 5.3% in the third quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock valued at $4,263,000 after buying an additional 9,380 shares in the last quarter. WT Asset Management Ltd acquired a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $2,804,000. Finally, Aptus Capital Advisors LLC raised its position in shares of GigaCloud Technology by 17.2% in the third quarter. Aptus Capital Advisors LLC now owns 102,580 shares of the company’s stock valued at $2,357,000 after buying an additional 15,028 shares in the last quarter. 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.