Counterpoint Mutual Funds LLC Purchases New Stake in GigaCloud Technology Inc. $GCT

Key Points

• Counterpoint Mutual Funds LLC initiated a 19,735-share stake in GigaCloud Technology worth approximately $1.02 million, while other institutional investors also increased or established positions. Institutions collectively own 34.94% of the company.
• GigaCloud reported quarterly EPS of $1.16, beating estimates of $0.90, and revenue of $411.64 million versus the $380.63 million consensus forecast.
• GCT shares opened at $57.35, near their 52-week high of $60.45. Analysts remain bullish, with the stock carrying an average “Strong Buy” rating, although insiders sold 127,000 shares worth $6.64 million in the latest quarter.

Counterpoint Mutual Funds LLC bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 19,735 shares of the company's stock, valued at approximately $1,020,000. Counterpoint Mutual Funds LLC owned approximately 0.06% of GigaCloud Technology at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its holdings in shares of GigaCloud Technology by 21.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 7,236 shares of the company's stock valued at $373,000 after acquiring an additional 1,264 shares during the last quarter. ProCore Advisors LLC bought a new stake in shares of GigaCloud Technology in the third quarter worth approximately $221,000. GAMMA Investing LLC grew its stake in shares of GigaCloud Technology by 83.8% in the third quarter. GAMMA Investing LLC now owns 1,250 shares of the company's stock worth $65,000 after acquiring an additional 570 shares during the period. Artemis Investment Management LLP raised its holdings in shares of GigaCloud Technology by 26.8% during the third quarter. Artemis Investment Management LLP now owns 54,102 shares of the company's stock valued at $2,796,000 after purchasing an additional 11,424 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of GigaCloud Technology during the second quarter valued at approximately $334,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at GigaCloud Technology

In related news, Director Zhiwu Chen sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $53.12, for a total value of $159,360.00. Following the transaction, the director owned 21,057 shares of the company's stock, valued at approximately $1,118,547.84. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Xin Wan sold 60,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer owned 657,540 shares of the company's stock, valued at $33,495,087.60. This trade represents a 8.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 127,000 shares of company stock worth $6,636,604 in the last quarter. Company insiders own 23.37% of the company's stock.

GigaCloud Technology Stock Performance

GCT stock opened at $57.35 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $25.39 and a fifty-two week high of $60.45. The business's 50-day moving average is $52.77 and its two-hundred day moving average is $43.98. The company has a market cap of $2.05 billion, a price-to-earnings ratio of 13.56 and a beta of 1.64.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.26. The business had revenue of $411.64 million for the quarter, compared to analysts' expectations of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. Equities analysts predict that GigaCloud Technology Inc. will post 4.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.

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