GigaCloud Technology Inc. (NASDAQ:GCT) Sees Large Growth in Short Interest

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a large growth in short interest in March. As of March 31st, there was short interest totalling 2,810,000 shares, a growth of 8.1% from the March 15th total of 2,600,000 shares. Based on an average daily volume of 3,160,000 shares, the short-interest ratio is currently 0.9 days. Currently, 17.0% of the company’s stock are sold short.

Insider Activity

In related news, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the sale, the director now directly owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Lei Wu sold 1,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The disclosure for this sale can be found here. Insiders have sold 506,287 shares of company stock worth $14,805,265 in the last 90 days.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently modified their holdings of GCT. Morgan Stanley purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $25,000. State of Wyoming bought a new position in GigaCloud Technology in the second quarter worth approximately $27,000. CWM LLC bought a new position in GigaCloud Technology in the fourth quarter worth approximately $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $47,000. Finally, UBS Group AG acquired a new position in shares of GigaCloud Technology during the third quarter worth $61,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Price Performance

NASDAQ GCT traded down $0.13 during trading on Wednesday, reaching $34.96. The company’s stock had a trading volume of 2,695,161 shares, compared to its average volume of 3,128,927. The stock has a market capitalization of $1.42 billion, a PE ratio of 14.95 and a beta of 2.26. The firm has a fifty day moving average of $32.50 and a 200 day moving average of $20.58. GigaCloud Technology has a one year low of $4.93 and a one year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The business had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. Research analysts expect that GigaCloud Technology will post 2.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

GigaCloud Technology Company Profile

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.