21,384 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Purchased by Bryce Point Capital LLC

Bryce Point Capital LLC acquired a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 21,384 shares of the company's stock, valued at approximately $396,000. Bryce Point Capital LLC owned about 0.05% of GigaCloud Technology as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in GigaCloud Technology in the third quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. grew its position in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company's stock worth $4,931,000 after purchasing an additional 158,033 shares during the last quarter. Lake Hills Wealth Management LLC purchased a new position in shares of GigaCloud Technology in the fourth quarter worth $332,000. Franklin Resources Inc. lifted its stake in shares of GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company's stock worth $10,164,000 after buying an additional 135,726 shares during the period. Finally, State Street Corp lifted its position in GigaCloud Technology by 31.7% during the 3rd quarter. State Street Corp now owns 502,445 shares of the company's stock worth $11,546,000 after acquiring an additional 121,037 shares during the period. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Price Performance

Shares of GCT stock traded down $1.10 during trading hours on Thursday, reaching $11.91. The stock had a trading volume of 402,531 shares, compared to its average volume of 1,558,715. GigaCloud Technology Inc. has a twelve month low of $11.49 and a twelve month high of $41.31. The firm has a market capitalization of $477.19 million, a PE ratio of 3.72 and a beta of 2.12. The firm has a 50-day simple moving average of $16.56 and a 200-day simple moving average of $20.29.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The firm had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. During the same period in the previous year, the firm posted $0.87 EPS. On average, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology announced that its board has initiated a stock repurchase program on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GCT has been the subject of a number of analyst reports. Roth Mkm downgraded shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Roth Capital lowered shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Finally, Lake Street Capital reduced their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GigaCloud Technology currently has a consensus rating of "Moderate Buy" and an average price target of $36.67.

GigaCloud Technology Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.