GigaCloud Technology Inc (NASDAQ: GCT): Stock Forecast For 2024 Sees A An Incline Of 416.42%


In today’s recent session, 0.9 million shares of the GigaCloud Technology Inc (NASDAQ:GCT) have been traded, and its beta is 2.21. Most recently the company’s share price was $31.14, and it changed around $0.35 or 1.14% from the last close, which brings the market valuation of the company to $1.27B. GCT at last check was trading at a discount to its 52-week high of $45.18, offering almost -45.09% off that amount. The share price’s 52-week low was $4.93, which indicates that the recent value has risen by an impressive 84.17% since then. We note from GigaCloud Technology Inc’s average daily trading volume that its 10-day average is 3.98 million shares, with the 3-month average coming to 3.16 million.

GigaCloud Technology Inc (NASDAQ:GCT) trade information

Instantly GCT has been showing a green trend so far today with a performance of 1.14% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 70.21% year-to-date, but still up 12.38% over the last five days. On the other hand, GigaCloud Technology Inc (NASDAQ:GCT) is -21.08% down in the 30-day period. We can see from the shorts that 2.6 million shares have been sold at a short interest cover period of 0.89 day(s).

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GigaCloud Technology Inc (GCT) estimates and forecasts

GigaCloud Technology Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 253.46 percent over the past six months and at a -3.04% annual growth rate that is well below the industry average of 17.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 27.60% in revenue this quarter, and will report an increase of 17.80% in the next quarter. The year-over-year growth rate is expected to be 57.30%, up from the previous year.

Consensus estimates provided by 1 financial analysts predict the company will bring in an average of $210.2 million in revenue for the current quarter. 1 analysts expect GigaCloud Technology Inc to make $245 million in revenue for the quarter ending Jun 2024. Forecasts for the next quarter put sales growth at 60.00%.

GigaCloud Technology Inc (NASDAQ:GCT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 7.71% of GigaCloud Technology Inc shares, and 38.07% of them are in the hands of institutional investors. The stock currently has a share float of 41.25%. GigaCloud Technology Inc stock is held by 86 institutions, with Boston Partners being the largest institutional investor. By Jun 29, 2023, it held 0.37% of the shares, which is about 0.15 million shares worth $1.02 million.

Two Sigma Investments, LP, with 0.17% or 67688.0 shares worth $0.46 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Fidelity NASDAQ Composite Index Fund and SEI Institutional Investment Tr-World Equity Ex-U.S. Fd were the top two Mutual Funds as of May 30, 2023. The former held 17953.0 shares worth $0.12 million, making up 0.04% of all outstanding shares. On the other hand, SEI Institutional Investment Tr-World Equity Ex-U.S. Fd held roughly 17909.0 shares worth around $0.16 million, which represents about 0.04% of the total shares outstanding.