Lake Street Capital Cuts GigaCloud Technology (NASDAQ:GCT) Price Target to $26.00

GigaCloud Technology (NASDAQ:GCT) had its target price cut by Lake Street Capital from $50.00 to $26.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Separately, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $15.00 in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Stock Performance

Shares of GCT opened at $15.63 on Tuesday. The stock has a 50 day moving average price of $19.39 and a 200 day moving average price of $21.19. The stock has a market capitalization of $640.39 million, a price-to-earnings ratio of 4.95 and a beta of 1.94. GigaCloud Technology has a one year low of $13.60 and a one year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the previous year, the company earned $0.87 earnings per share. On average, analysts predict that GigaCloud Technology will post 3.1 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Xin Wan sold 68,437 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the transaction, the chief technology officer now owns 1,563 shares of the company’s stock, valued at approximately $31,932.09. This represents a 97.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marshall Bernes purchased 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The shares were bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now owns 45,000 shares in the company, valued at $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 43.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GigaCloud Technology

Large investors have recently bought and sold shares of the stock. US Bancorp DE increased its holdings in GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares during the period. New York State Teachers Retirement System purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $51,000. Amundi purchased a new stake in GigaCloud Technology during the 4th quarter worth about $45,000. Finally, Quarry LP increased its holdings in shares of GigaCloud Technology by 519.8% in the 3rd quarter. Quarry LP now owns 3,663 shares of the company’s stock valued at $84,000 after acquiring an additional 3,072 shares during the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.