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Hong Kong-based GigaCloud (NASDAQ:GCT) stock shot up 43% in morning trading Monday after hitting a 52-week low last Thursday.
Shares of GigaCloud opened at $6.36, dipping to an early low of $5.82 before jumping to a high of $7.10. The stock recently changed hands at $6.65 at approximately 10:30 a.m. ET.
Last Thursday, GigaCloud said that it had opened its first office in Malaysia as part of its plan to expand its footprint in Southeast Asia. The company is a provider of e-commerce services for large parcel merchandise such as furniture.
GigaCloud held its initial public offering on Aug. 18, raising $36M. The stock rocketed over 200% during its second day of trading and hit a 52-week high of $62 on Aug. 22. The shares dropped to a 52-week low of $4.14 on Nov. 3, but finished the session higher at $4.42.
For more on GigaCloud, check out SA contributor Bamboo Works’ “GigaCloud Joins Wall Street Parade of China Meme Stocks”.
Image and article originally from seekingalpha.com. Read the original article here.