Why GigaCloud Stock Soared Higher on Friday
Shares of business-to-business (B2B) e-commerce company GigaCloud (NASDAQ:GCT) skyrocketed on Friday. The stock rose as much as 272% but is up about 175% as of 1:25 p.m. ET.
The tech stock's gain came on the day of its initial public offering (IPO). Given the way the stock is soaring, the market apparently thinks the IPO was underpriced.
Source Fool.com