Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Grows By 29.0%

GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) was the recipient of a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 3,290,000 shares, a growth of 29.0% from the April 15th total of 2,550,000 shares. Currently, 18.9% of the shares of the company are sold short. Based on an average trading volume of 3,000,000 shares, the short-interest ratio is presently 1.1 days.

Insider Activity at GigaCloud Technology

In other news, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total value of $4,043,486.86. Following the completion of the sale, the director now owns 5,764,302 shares in the company, valued at $175,119,494.76. The disclosure for this sale can be found here. Insiders have sold 1,291,883 shares of company stock worth $43,355,270 over the last three months. Company insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds have recently bought and sold shares of the company. CWM LLC acquired a new stake in GigaCloud Technology during the fourth quarter worth approximately $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $47,000. Tucker Asset Management LLC raised its position in shares of GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in GigaCloud Technology by 86.3% in the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after acquiring an additional 10,659 shares during the last quarter. Finally, Foundations Investment Advisors LLC bought a new position in GigaCloud Technology in the fourth quarter valued at approximately $207,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Price Performance

GCT stock traded down $2.11 during trading hours on Wednesday, reaching $34.87. 3,641,771 shares of the stock were exchanged, compared to its average volume of 3,054,476. The company has a market cap of $1.42 billion, a price-to-earnings ratio of 13.57 and a beta of 1.99. The firm’s 50-day moving average is $33.91 and its 200-day moving average is $24.73. GigaCloud Technology has a 12 month low of $5.25 and a 12 month high of $45.18.

GigaCloud Technology (NASDAQ:GCTGet Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.33. The company had revenue of $251.08 million during the quarter, compared to analysts’ expectations of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same quarter last year, the company earned $0.39 EPS. As a group, equities research analysts forecast that GigaCloud Technology will post 2.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Roth Mkm upped their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd.

Check Out Our Latest Analysis on GigaCloud Technology

GigaCloud Technology Company Profile

(Get Free Report)

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.

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