• Sat. Apr 20th, 2024

GigaCloud Technology Stock (NASDAQ:GCT) Experiences 7.5% Increase in Stock Price

BySamantha Johnson

Mar 10, 2024
GigaCloud Technology Stock (NASDAQ:GCT) Experiences 7.5% Increase in Stock Price

GigaCloud Technology Inc. (NASDAQ: GCT) saw its shares rise 7.5% during mid-day trading on Friday. The stock reached a high of $36.62 and closed at $36.44, with a total of 357,548 shares traded during the session. This marked a significant decrease from the average daily volume of 2,887,807 shares and the stock’s previous closing price of $33.90.

In terms of analyst ratings changes, Roth Mkm raised their target price on GigaCloud Technology from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on December 7th. The company has a 50-day moving average of $27.32 and a 200-day moving average of $16.92, with a market capitalization of $1.40 billion, a price-to-earnings ratio of 19.76, and a beta of 2.40.

Recent institutional trading activity has seen various hedge funds and other institutional investors modifying their holdings of GigaCloud Technology. CWM LLC, Quarry LP, State of Wyoming, Morgan Stanley, and Royal Bank of Canada are some of the investors who have purchased new positions in the company. Approximately 21.21% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Inc. provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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. Stay updated with the latest news and analyst ratings for GigaCloud Technology by signing up for MarketBeat.com’s free daily email newsletter.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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