Connective Capital Management LLC Purchases Shares of 18,718 GigaCloud Technology Inc. (NASDAQ:GCT)

Connective Capital Management LLC bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,718 shares of the company's stock, valued at approximately $347,000.

Several other large investors also recently modified their holdings of GCT. US Bancorp DE boosted its position in GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after purchasing an additional 1,000 shares during the period. Mariner LLC lifted its stake in shares of GigaCloud Technology by 10.5% during the 4th quarter. Mariner LLC now owns 11,066 shares of the company's stock valued at $205,000 after buying an additional 1,056 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in GigaCloud Technology by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company's stock worth $4,004,000 after buying an additional 1,629 shares during the period. Janus Henderson Group PLC boosted its holdings in GigaCloud Technology by 7.4% in the 4th quarter. Janus Henderson Group PLC now owns 28,217 shares of the company's stock worth $523,000 after buying an additional 1,934 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in GigaCloud Technology by 9.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,956 shares of the company's stock valued at $444,000 after buying an additional 1,981 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Performance

NASDAQ GCT traded down $0.84 on Monday, hitting $17.88. The stock had a trading volume of 645,170 shares, compared to its average volume of 1,284,637. The firm has a 50-day moving average of $14.43 and a 200-day moving average of $18.10. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $34.28. The company has a market capitalization of $680.66 million, a price-to-earnings ratio of 5.66 and a beta of 2.16.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.22. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The firm's revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 earnings per share. As a group, research analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology announced that its Board of Directors has initiated a share buyback plan on Wednesday, April 2nd that allows the company to buyback $16.00 million in shares. This buyback authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Roth Mkm downgraded GigaCloud Technology from a "buy" rating to a "neutral" rating and cut their target price for the stock from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Lake Street Capital decreased their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a research report on Tuesday, March 4th.

About GigaCloud Technology

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.