Bank of America Corp DE Grows Stock Holdings in GigaCloud Technology Inc. $GCT

Bank of America Corp DE grew its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 184.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 99,949 shares of the company's stock after purchasing an additional 64,799 shares during the period. Bank of America Corp DE owned about 0.27% of GigaCloud Technology worth $4,536,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV bought a new stake in shares of GigaCloud Technology during the first quarter worth $1,740,000. Sei Investments Co. bought a new position in GigaCloud Technology in the first quarter valued at approximately $2,786,000. Cetera Investment Advisers boosted its stake in GigaCloud Technology by 55.2% in the 1st quarter. Cetera Investment Advisers now owns 53,180 shares of the company's stock worth $2,413,000 after purchasing an additional 18,914 shares during the period. Renaissance Technologies LLC bought a new position in shares of GigaCloud Technology during the 1st quarter worth approximately $3,576,000. Finally, Y Intercept Hong Kong Ltd grew its stake in GigaCloud Technology by 407.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company's stock valued at $2,395,000 after purchasing an additional 42,384 shares in the last quarter. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Price Performance

NASDAQ:GCT opened at $52.95 on Friday. GigaCloud Technology Inc. has a one year low of $25.15 and a one year high of $56.27. The company has a market cap of $1.89 billion, a PE ratio of 12.52 and a beta of 1.65. The firm's 50 day simple moving average is $41.78 and its 200 day simple moving average is $40.77.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. Equities research analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, insider Marshall Bernes sold 10,000 shares of GigaCloud Technology stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00. Following the transaction, the insider directly owned 53,150 shares of the company's stock, valued at approximately $2,816,950. The trade was a 15.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Xin Wan sold 60,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total value of $3,056,400.00. Following the completion of the sale, the chief technology officer owned 657,540 shares in the company, valued at $33,495,087.60. This trade represents a 8.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 75,000 shares of company stock valued at $3,845,800. 23.37% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GCT has been the topic of several recent analyst reports. Weiss Ratings lowered shares of GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 8th. Wall Street Zen cut shares of GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. Finally, Zacks Research downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has an average rating of "Hold".

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.

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