GigaCloud stock more than triples in sophomore session, and has been halted 10 times for volatility
Shares of GigaCloud Technology Inc. rocketed again in very volatile trading in their sophomore session on the Nasdaq exchange, to trade at more than four-times the initial public offering price. The Hong Kong-based business-to-business (B2B) ecommerce platform for large parcel merchandise went public on the Nasdaq on Thursday, after the company raised about $36 million by selling 2.94 million shares at an IPO price of $12.25 a share. The stock opened Thursday at $19.20, or 56.7% above the IPO price, then traded within a intraday range of $12.51 to $21.22 before closing at $15.69, on volume of 11.5 million shares. On Friday, the stock gapped 69.8% higher at the open, starting the day at $26.64, before the rally accelerated to a 225.3% gain, to trade 316.6% above the IPO price, on volume of 17.2 million shares about two hours after the opening bell. The stock has already been halted 10 times for volatility since the open. The stock's rally comes while the Renaissance IPO ETF dropped 4.3% in midday trading and the S&P 500 slumped 1.3%.
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