GigaCloud Technology Inc GCT shares rose significantly on Thursday, marking an exceptional period of growth over the past month. Let’s delve into the details behind this remarkable surge.
The Momentum: GigaCloud shares experienced a remarkable surge, climbing by nearly 14% on Thursday. This surge surpassed numerous peers in the tech sector and rebounded from a slight pullback the previous day.
The rally began in December, spurred by robust third-quarter earnings from the B2B e-commerce company. Additionally, Roth MKM analyst Matt Koranda raised the stock’s price target from $16 to $18 shortly after the earnings report.
Thursday’s upward trajectory was supported by vigorous trading volume, with the stock experiencing an above-average volume of 3.36 million, compared to its average volume of 975,194 as reported by Benzinga Pro.
Notably, GigaCloud shares soared to 52-week highs on Thursday before experiencing a slight pullback. The stock closed Thursday at $20.47, a 10.2% increase, according to Benzinga Pro.
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