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Why Buying GigaCloud Technology Inc (NASDAQ: GCT) Right Now Might Be A Smart Move

GigaCloud Technology Inc (NASDAQ:GCT) price closed higher on Monday, February 12, jumping 7.72% above its previous close.

A look at the daily price movement shows that the last close reads $29.28. The company’s P/E ratio in the trailing 12-month period read 17.73. Taking into account the 52-week price action we note that the stock hit a 52-week high of $30.45 and 52-week low of $4.79. The stock added 54.31% on its value in the past month.

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GigaCloud Technology Inc, which has a market valuation of $1.28 billion, is expected to release its quarterly earnings report Dec 05, 2023. Analysts tracking GCT have forecast the quarterly EPS to grow by 0.58 per share this quarter, while the same analysts predict the annual EPS to hit $2.05 for the year 2024 and up to $2.41 for 2024. In this case, analysts estimate an annual EPS growth of 266.10% for the year and 17.60% for the next year.

On average, analysts have forecast the company’s revenue for the quarter will hit $224.15 million, with the likely lows of $220.3 million and highs of $228 million. The average estimate suggests sales growth for the quarter will likely rise by 78.50% when compared to those recorded in the same quarter in the last financial year. Staying with the analyst view, there is a consensus estimate of $683.2 million for the company’s annual revenue in 2023. Per this projection, the revenue is forecast to grow 39.40% above that which the company brought in 2023.

Revisions to the company’s EPS highlights a short term direction of a stock’s price movement, which in the last 7 days came up with no upward and no downward reviews. On the technical perspective front, indicators give GCT a short term outlook of 100% Buy on average. Looking at the stock’s medium term indicators we note that it is averaging as a 100% Buy, while an average of long term indicators are currently assigning the stock as 100% Buy.

The overview shows that GCT’s price is at present 31.34% off the SMA20 and 64.15% from the SMA50. The Relative Strength Index (RSI) metric on the 14-day timeframe is pointing at 74.45, with weekly volatility standing at 8.86%. The indicator jumps to 10.76% when calculated based on the past 30 days. GigaCloud Technology Inc (NASDAQ:GCT)’s beta value is holding at 2.06, while the average true range (ATR) indicator is currently reading 2.49.

An analysis of the GigaCloud Technology Inc (NASDAQ:GCT) stock in terms of its daily trading volume indicates that the 3-month average is 1.25. However, this figure increases on the past 10-day timeline to an average of 2.37 million.

Current records show that the company has 26.73M in outstanding shares. The insiders’ percentage holdings are 57.41% of outstanding shares while the percentage share held by institutions stands at 6.35%. The stats also highlight that short interest as of Jan 31, 2024, stood at 1.81 million shares, which puts the short ratio at the time at 0.53. From this we can glean that short interest is 4.44% of company’s current outstanding shares. Notably, we see that shares short in January rose slightly given the previous month’s figure stood at 1.61 million. But the 72.40% upside, the stock’s price has registered year-to-date as of last trading, will likely reignite investor interest given the prospect of it rallying even higher.