GigaCloud Technology Inc. (NASDAQ:GCT) Position Reduced by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. trimmed its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 57.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,818 shares of the company's stock after selling 14,424 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in GigaCloud Technology were worth $154,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. PFG Investments LLC increased its position in shares of GigaCloud Technology by 9.4% during the first quarter. PFG Investments LLC now owns 16,835 shares of the company's stock worth $239,000 after acquiring an additional 1,450 shares during the last quarter. Rhumbline Advisers increased its holdings in GigaCloud Technology by 7.7% in the first quarter. Rhumbline Advisers now owns 32,184 shares of the company's stock valued at $457,000 after buying an additional 2,302 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at about $79,000. JT Stratford LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at about $1,160,000. Finally, PharVision Advisers LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at about $296,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Trading Down 0.9%

GigaCloud Technology stock traded down $0.20 during midday trading on Friday, hitting $21.47. The stock had a trading volume of 155,556 shares, compared to its average volume of 900,299. The stock has a market cap of $817.17 million, a P/E ratio of 6.99 and a beta of 2.35. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $29.94. The business has a fifty day moving average price of $18.88 and a 200 day moving average price of $17.41.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.22. GigaCloud Technology had a return on equity of 31.90% and a net margin of 10.64%. The company had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. During the same period in the previous year, the firm posted $0.84 earnings per share. GigaCloud Technology's quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has initiated a stock buyback program on Wednesday, April 2nd that allows the company to buyback $16.00 million in shares. This buyback authorization allows the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

About GigaCloud Technology

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.