Allspring Global Investments Holdings LLC Sells 87,738 Shares of GigaCloud Technology Inc. $GCT

Key Points

• Allspring Global Investments Holdings cut its stake in GigaCloud Technology by 55.3% in the first quarter, selling 87,738 shares and leaving it with 71,060 shares valued at about $3.26 million.
• Several other institutional investors adjusted their positions as well, with firms like Vanguard, LSV Asset Management, and Nuveen increasing holdings; institutional ownership now stands at 34.94% of the company.
• GigaCloud recently reported stronger-than-expected results, posting $1.04 EPS versus $0.87 expected and revenue of $359.49 million, while analysts currently rate the stock Hold on average with a $33 target price.

Allspring Global Investments Holdings LLC lowered its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 55.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 71,060 shares of the company's stock after selling 87,738 shares during the period. Allspring Global Investments Holdings LLC owned 0.19% of GigaCloud Technology worth $3,263,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in GigaCloud Technology by 18.2% during the 3rd quarter. Vanguard Group Inc. now owns 803,664 shares of the company's stock valued at $22,824,000 after acquiring an additional 123,596 shares in the last quarter. LSV Asset Management boosted its position in GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company's stock worth $28,934,000 after purchasing an additional 656,900 shares during the period. Geode Capital Management LLC increased its stake in shares of GigaCloud Technology by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 627,336 shares of the company's stock worth $24,646,000 after purchasing an additional 6,846 shares in the last quarter. State Street Corp increased its stake in shares of GigaCloud Technology by 1.8% in the fourth quarter. State Street Corp now owns 566,091 shares of the company's stock worth $22,236,000 after purchasing an additional 9,765 shares in the last quarter. Finally, Nuveen LLC raised its position in shares of GigaCloud Technology by 32.2% in the fourth quarter. Nuveen LLC now owns 542,454 shares of the company's stock valued at $21,308,000 after purchasing an additional 132,107 shares during the period. Institutional investors and hedge funds own 34.94% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Zacks Research cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings cut shares of GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $33.00.

GigaCloud Technology Price Performance

Shares of GCT stock opened at $36.09 on Friday. The company has a market cap of $1.33 billion, a PE ratio of 9.07 and a beta of 1.72. The stock's 50 day simple moving average is $34.89 and its two-hundred day simple moving average is $39.36. GigaCloud Technology Inc. has a 1 year low of $20.71 and a 1 year high of $51.86.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Friday, May 8th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.17. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The firm had revenue of $359.49 million for the quarter, compared to the consensus estimate of $342.57 million. During the same quarter in the previous year, the company posted $0.68 EPS. The company's revenue for the quarter was up 32.2% compared to the same quarter last year. Equities research analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

About GigaCloud Technology

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

Want to see what other hedge funds are holding GCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GigaCloud Technology Inc. (NASDAQ:GCT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.