Ameriprise Financial Inc. grew its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 17.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 175,596 shares of the company's stock after acquiring an additional 26,637 shares during the quarter. Ameriprise Financial Inc. owned about 0.43% of GigaCloud Technology worth $3,252,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. SG Americas Securities LLC increased its position in shares of GigaCloud Technology by 36.1% in the fourth quarter. SG Americas Securities LLC now owns 13,680 shares of the company's stock worth $253,000 after acquiring an additional 3,632 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth $216,000. PFG Investments LLC grew its position in GigaCloud Technology by 54.2% during the fourth quarter. PFG Investments LLC now owns 15,385 shares of the company's stock worth $285,000 after buying an additional 5,410 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of GigaCloud Technology in the fourth quarter valued at $79,000. Finally, Empowered Funds LLC boosted its stake in shares of GigaCloud Technology by 5.1% in the 4th quarter. Empowered Funds LLC now owns 194,899 shares of the company's stock valued at $3,610,000 after purchasing an additional 9,409 shares in the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.
GigaCloud Technology Trading Down 0.1%
NASDAQ:GCT traded down $0.02 during trading hours on Thursday, hitting $18.04. 395,880 shares of the company were exchanged, compared to its average volume of 1,266,823. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $34.28. The company has a fifty day simple moving average of $14.67 and a 200 day simple moving average of $17.98. The stock has a market capitalization of $686.75 million, a price-to-earnings ratio of 5.71 and a beta of 2.16.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.22. The business 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 for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 EPS. Equities research analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.
GigaCloud Technology announced that its board has authorized a share repurchase plan on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on GCT shares. Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Roth Mkm lowered shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and cut their price target for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Lake Street Capital dropped their target price 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.
Get Our Latest Analysis on GigaCloud Technology
GigaCloud Technology Company Profile
(
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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