20,552 Shares in GigaCloud Technology Inc. $GCT Acquired by Vise Technologies Inc.

Key Points

• Vise Technologies acquired 20,552 GigaCloud shares in the third quarter, worth about $1.06 million and representing roughly 0.06% of the company.
• Other institutional investors also increased or initiated positions; institutions collectively held 34.94% of GigaCloud. Insiders sold 122,000 shares over the past three months, while insiders retained 23.37% ownership.
• GigaCloud reported quarterly revenue of $423.6 million and EPS of $1.73, both above consensus estimates. Analysts’ average rating was Strong Buy, and management forecast fourth-quarter revenue of $425 million to $450 million.

Vise Technologies Inc. acquired a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 20,552 shares of the company's stock, valued at approximately $1,062,000. Vise Technologies Inc. owned approximately 0.06% of GigaCloud Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GCT. Dimensional Fund Advisors LP lifted its holdings in shares of GigaCloud Technology by 252.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company's stock worth $21,424,000 after purchasing an additional 338,269 shares in the last quarter. Tieton Capital Management LLC acquired a new stake in GigaCloud Technology in the 2nd quarter valued at $6,257,000. First Trust Advisors LP increased its stake in GigaCloud Technology by 5.4% during the 1st quarter. First Trust Advisors LP now owns 102,014 shares of the company's stock valued at $4,629,000 after purchasing an additional 5,203 shares in the last quarter. CWA Asset Management Group LLC increased its stake in GigaCloud Technology by 10.7% during the 3rd quarter. CWA Asset Management Group LLC now owns 88,536 shares of the company's stock valued at $4,576,000 after purchasing an additional 8,576 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company's stock valued at $4,536,000 after purchasing an additional 64,799 shares in the last quarter. Institutional investors own 34.94% of the company's stock.

Insider Activity at GigaCloud Technology

In other news, insider Marshall Bernes sold 13,800 shares of the company's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $54.31, for a total value of $749,478.00. Following the completion of the sale, the insider owned 7,150 shares in the company, valued at $388,316.50. This represents a 65.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Xin Wan sold 60,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the sale, the chief technology officer owned 657,540 shares of the company's stock, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 122,000 shares of company stock valued at $6,377,204. 23.37% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on GCT. Wall Street Zen upgraded shares of GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a report on Monday, October 12th. Weiss Ratings upgraded shares of GigaCloud Technology from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. Finally, Zacks Research raised shares of GigaCloud Technology from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Strong Buy".

GigaCloud Technology News Roundup

Here are the key news stories impacting GigaCloud Technology this week:

• Positive Sentiment: GigaCloud reported record quarterly revenue, net income and diluted EPS. Revenue was $423.6 million, ahead of the $389.4 million consensus estimate, and earnings also beat analyst expectations. Third-quarter financial results
• Positive Sentiment: Management forecast Q4 revenue of $425 million to $450 million, pointing to continued growth after Q3. Q4 revenue guidance
• Neutral Sentiment: The earnings call transcript provides additional management commentary, but the supplied article summaries do not give specific new details that would explain the share move. Q3 earnings call transcript
• Negative Sentiment: GCT traded lower despite the earnings beat and positive guidance. The available reports do not establish whether this reflected profit-taking, expectations already priced in, or another factor. GCT trading information

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock opened at $58.37 on Monday. The company has a market cap of $2.08 billion, a PE ratio of 12.55 and a beta of 1.61. GigaCloud Technology Inc. has a 52 week low of $27.56 and a 52 week high of $67.18. The business has a 50 day moving average price of $55.08 and a 200-day moving average price of $44.35.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.61. GigaCloud Technology had a return on equity of 32.33% and a net margin of 10.89%. The company had revenue of $423.56 million for the quarter, compared to analysts' expectations of $389.39 million. As a group, research analysts anticipate that GigaCloud Technology Inc. will post 4.70 EPS for the current year.

GigaCloud Technology Profile

GigaCloud Technology Inc NASDAQ: GCT operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company's marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.

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