Shares in GigaCloud Technology crashed Tuesday amid no apparent news. As of Friday's market close, GCT stock had surged 88% in 2024.
On the stock market today, GCT stock cratered 24.8% to close at 25.96.
Company officials did not respond to an IBD email raising questions over Tuesday's sell-off.
Fourth quarter earnings for GCT stock are due in early March.
Founded in 2006, El Monte, Calif.-based GigaCloud "specializes in global end-to-end business-to-business e-commerce for large parcel merchandise," according to FactSet. It has operations in Hong Kong and elsewhere.
E-Commerce Platform For Bulky Goods
The GigaCloud Marketplace e-commerce platform handles large parcel items such as furniture, exercise equipment and other bulky home goods.
Further, GigaCloud has been making acquisitions. It recently purchased digital signage company Apexis and its Wondersign business. It also bought Noble House Home Furnishings.
GCT stock was recently featured in the New America section of IBD.
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