Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Drops By 9.2%

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 6,320,000 shares, a decrease of 9.2% from the October 15th total of 6,960,000 shares. Currently, 25.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is currently 4.2 days.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Lake Street Capital started coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Trading Up 6.2 %

GCT traded up $1.40 during trading hours on Tuesday, hitting $23.91. The company’s stock had a trading volume of 1,165,916 shares, compared to its average volume of 2,224,614. The company has a 50-day simple moving average of $22.81 and a 200 day simple moving average of $26.67. The firm has a market capitalization of $979.59 million, a PE ratio of 7.53 and a beta of 1.78. GigaCloud Technology has a fifty-two week low of $8.70 and a fifty-two week high of $45.18.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC acquired a new position in GigaCloud Technology during the first quarter worth $599,000. Avantax Advisory Services Inc. increased its holdings in GigaCloud Technology by 86.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after purchasing an additional 10,659 shares in the last quarter. Truvestments Capital LLC bought a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $327,000. Tidal Investments LLC acquired a new position in shares of GigaCloud Technology during the first quarter valued at $1,731,000. Finally, Csenge Advisory Group grew its holdings in GigaCloud Technology by 20.0% during the 2nd quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock worth $650,000 after acquiring an additional 3,569 shares during the period. Institutional investors and hedge funds 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.