GigaCloud Technology (NASDAQ:GCT) Shares Gap Up – What’s Next?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) gapped up before the market opened on Friday . The stock had previously closed at $23.82, but opened at $25.50. GigaCloud Technology shares last traded at $26.83, with a volume of 1,138,630 shares trading hands.

Wall Street Analysts Forecast Growth

GCT has been the subject of several analyst reports. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. 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 target price for the company.

GigaCloud Technology Stock Up 17.3 %

The business’s 50 day moving average is $22.37 and its two-hundred day moving average is $27.21. The firm has a market cap of $1.16 billion, a P/E ratio of 10.08 and a beta of 1.78.

Institutional Investors Weigh In On GigaCloud Technology

Large investors have recently bought and sold shares of the stock. Amalgamated Bank acquired a new position in shares of GigaCloud Technology during the second quarter valued at about $25,000. MFA Wealth Advisors LLC acquired a new position in shares of GigaCloud Technology during the third quarter valued at about $26,000. New York State Teachers Retirement System acquired a new position in shares of GigaCloud Technology during the third quarter valued at about $49,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of GigaCloud Technology during the second quarter valued at about $66,000. Finally, Banque Cantonale Vaudoise grew its holdings in shares of GigaCloud Technology by 345.6% during the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after buying an additional 5,651 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.