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

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

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

Analysts Set New Price Targets

GCT has been the topic of a number of research reports. Roth Capital lowered shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Roth Mkm cut shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their target price for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Lake Street Capital lowered their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT traded down $0.84 during midday trading on Friday, reaching $17.88. 645,170 shares of the company's stock were exchanged, compared to its average volume of 1,287,127. The firm has a market capitalization of $680.66 million, a PE ratio of 5.66 and a beta of 2.16. The company's 50 day simple moving average is $14.43 and its two-hundred day simple moving average is $18.17. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $34.28.

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

GigaCloud Technology declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 2nd that allows the company to repurchase $16.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

GigaCloud Technology Company 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.