GigaCloud Technology (NASDAQ:GCT) Posts Quarterly Earnings Results, Beats Expectations By $0.32 EPS
GigaCloud Technology (NASDAQ:GCT) exceeded expectations in its quarterly earnings report, beating analysts' consensus estimates by $0.32 EPS. The company had a return on equity of 41.24% and a net margin of 12.74%. Quarterly revenue was up 102.8% year-over-year. GigaCloud Technology also announced the launch of BaaS for its B2B Marketplace Platform. The stock price of GCT traded down 9.5% following the earnings release.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.32, Briefing.com reports. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The business had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. During the same period in the prior year, the firm posted $0.45 EPS. The business's revenue for the quarter was up 102.8% on a year-over-year basis. GigaCloud Technology updated its Q3 2024 guidance to EPS.
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GigaCloud Technology Stock Down 9.5 %
- GigaCloud Technology Launches BaaS for B2B Marketplace Platform
Shares of NASDAQ GCT traded down $2.43 during trading on Wednesday, reaching $23.11. 2,946,857 shares of the stock were exchanged, compared to its average volume of 2,552,219. The company has a market capitalization of $942.82 million, a price-to-earnings ratio of 8.99 and a beta of 1.82. The business's 50-day moving average price is $29.84 and its 200 day moving average price is $31.47. GigaCloud Technology has a twelve month low of $6.71 and a twelve month high of $45.18.
Wall Street Analysts Forecast Growth
GCT has been the topic of several research reports. Lake Street Capital began coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They issued a "buy" rating and a $50.00 price target on the stock. Maxim Group initiated coverage on GigaCloud Technology in a research report on Wednesday, May 22nd. They issued a "buy" rating and a $69.00 price objective on the stock.
- GigaCloud Technology: Fast growth and an early opportunity
Read Our Latest Analysis on GigaCloud Technology
Insider Activity at GigaCloud Technology
In related news, COO Xinyan Hao sold 282,545 shares of GigaCloud Technology stock in a transaction on Monday, May 13th. The shares were sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the sale, the chief operating officer now owns 854,941 shares in the company, valued at $30,863,370.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, President Iman Aj Schrock sold 5,000 shares of the firm's stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the transaction, the president now directly owns 25,000 shares in the company, valued at $755,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Xinyan Hao sold 282,545 shares of the business's stock in a transaction on Monday, May 13th. The shares were sold at an average price of $36.10, for a total transaction of $10,199,874.50. Following the sale, the chief operating officer now owns 854,941 shares of the company's stock, valued at approximately $30,863,370.10. The disclosure for this sale can be found here. In the last three months, insiders sold 1,020,779 shares of company stock valued at $35,025,347. Corporate insiders own 43.00% of the company's stock.
About GigaCloud Technology
(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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