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GigaCloud Technology Inc GCT shares traded higher on Thursday, adding to gains of more than 50% over the past month. Here’s a look at what’s going on.
What To Know: GigaCloud shares surged nearly 14% on Thursday, breezing past many of its peers in the tech sector and rebounding from a slight pullback on Wednesday.
Shares have rallied throughout December, sparked by strong third-quarter earnings from the B2B e-commerce company. Roth MKM analyst Matt Koranda also raised the price target on the stock from $16 to $18 shortly after the report.
Thursday’s move higher was aided by strong trading volume, with the stock experiencing above-average volume of 3.36 million, compared to its average volume of 975,194 according to Benzinga Pro.
Shares of GigaCloud hit 52-week highs on Thursday before pulling back slightly. The stock closed Thursday up 10.2% at $20.47, according to Benzinga Pro.
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Image by Bartek Zakrzewski from Pixabay
