Algert Global LLC purchased a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 44,090 shares of the company's stock, valued at approximately $817,000. Algert Global LLC owned about 0.11% of GigaCloud Technology at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Aptus Capital Advisors LLC increased its holdings in GigaCloud Technology by 17.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 120,332 shares of the company's stock worth $2,229,000 after purchasing an additional 17,752 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of GigaCloud Technology by 1,599.5% during the 4th quarter. Jane Street Group LLC now owns 236,202 shares of the company's stock worth $4,374,000 after buying an additional 222,304 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of GigaCloud Technology by 7.9% during the 4th quarter. Northern Trust Corp now owns 219,514 shares of the company's stock worth $4,065,000 after buying an additional 16,063 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $375,000. Finally, MetLife Investment Management LLC boosted its holdings in shares of GigaCloud Technology by 15.2% during the 4th quarter. MetLife Investment Management LLC now owns 15,875 shares of the company's stock worth $294,000 after buying an additional 2,091 shares in the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and cut their price target for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Roth Capital cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Finally, Lake Street Capital cut their target price on 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GigaCloud Technology currently has an average rating of "Moderate Buy" and a consensus target price of $36.67.
View Our Latest Stock Analysis on GCT
GigaCloud Technology Price Performance
Shares of NASDAQ GCT traded up $0.59 during mid-day trading on Friday, reaching $18.80. 551,198 shares of the company's stock were exchanged, compared to its average volume of 1,368,353. The firm has a 50-day moving average price of $13.99 and a two-hundred day moving average price of $18.37. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $38.22. The firm has a market capitalization of $753.24 million, a price-to-earnings ratio of 5.94 and a beta of 2.16.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.22. The business had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The company's quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 EPS. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.
GigaCloud Technology announced that its board has authorized a share buyback program on Wednesday, April 2nd that permits the company to repurchase $16.00 million in shares. This repurchase authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.
About GigaCloud Technology
(
Free Report)
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.
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