Wed. May 29th, 2024

TLDR:

  • GigaCloud Technology Inc. (NASDAQ:GCT) experienced a significant increase in short interest in February, with approximately 2,530,000 shares sold short.
  • Several hedge funds and institutional investors have made changes to their positions in GCT, with 21.21% of the company’s stock owned by these entities.

In February, GigaCloud Technology Inc. (NASDAQ:GCT) saw a notable rise in short interest, with 2,530,000 shares sold short, representing an 11.9% increase from the previous total. This increase led to approximately 14.6% of the company’s shares being sold short. Hedge funds and institutional investors have also made significant moves regarding their positions in GCT, with entities like Acadian Asset Management LLC, Bridgeway Capital Management LLC, and Verition Fund Management LLC purchasing new positions in the company. In terms of analyst activity, Roth Mkm upgraded GigaCloud Technology with a target price increase from $16.00 to $18.00, giving the company a “buy” rating.

On the stock performance front, GCT opened at $43.15 on Friday, with a 50-day simple moving average of $29.04 and a 200-day simple moving average of $17.78. The company has a market capitalization of $1.76 billion and a beta of 2.40. GigaCloud Technology offers end-to-end B2B ecommerce solutions for large parcel merchandise, connecting manufacturers primarily in Asia with resellers in the United States, Asia, and Europe. The company operates across various categories like furniture, home appliances, and fitness equipment.

Overall, GigaCloud Technology Inc. has experienced a surge in short interest, significant moves by hedge funds and institutional investors, and positive analyst activity, indicating potential growth and interest in the company’s stock.

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