Why GigaCloud Technology Stock Is Soaring Higher This Week
GigaCloud Technologies (NASDAQ: GCT) stock is seeing strong bullish momentum this week. The e-commerce company's share price was up 21.1% from last week's market close before the market opened this Friday, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was up 0.6%, and the Nasdaq Composite index was up 0.7%.
There isn't any business-specific news pushing GigaCloud stock higher this week, but the company's share price continues to gain ground thanks to momentum for the broader market and the ongoing effects of a short squeeze.
Investors who bet against the stock are being forced to close out their short positions as the e-commerce specialist's share price has continued to move higher, and that's creating even more bullish momentum. GigaCloud's share price is now up 134% over the last three months.
Source Fool.com
