GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in GigaCloud Technology by 39.6%, selling 120,000 shares, and now owns approximately 0.46% of the company, valued at $2.6 million.
• GigaCloud Technology reported an EPS of $0.68, exceeding analysts' expectations of $0.46, along with a revenue of $271.91 million for the quarter.
• The company has initiated a $16 million stock buyback program, allowing it to repurchase up to 2.7% of its shares, indicating the board's belief that the stock is undervalued.

Harvest Fund Management Co. Ltd reduced its holdings in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 39.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 182,950 shares of the company's stock after selling 120,000 shares during the period. Harvest Fund Management Co. Ltd owned approximately 0.46% of GigaCloud Technology worth $2,600,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Nuveen Asset Management LLC boosted its holdings in shares of GigaCloud Technology by 37.1% in the 4th quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock valued at $7,589,000 after acquiring an additional 110,804 shares during the last quarter. Bridgeway Capital Management LLC raised its position in shares of GigaCloud Technology by 2.6% in the fourth quarter. Bridgeway Capital Management LLC now owns 373,599 shares of the company's stock valued at $6,919,000 after buying an additional 9,409 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of GigaCloud Technology in the first quarter valued at about $4,806,000. Oasis Management Co Ltd. purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $5,550,000. Finally, Jane Street Group LLC grew its holdings in shares of GigaCloud Technology by 1,599.5% in the fourth quarter. Jane Street Group LLC now owns 236,202 shares of the company's stock valued at $4,374,000 after purchasing an additional 222,304 shares during the period. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Price Performance

Shares of GCT traded down $1.30 during mid-day trading on Friday, reaching $20.97. The stock had a trading volume of 656,888 shares, compared to its average volume of 522,493. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $29.20. The business's fifty day moving average is $20.00 and its 200 day moving average is $17.66. The firm has a market cap of $798.33 million, a price-to-earnings ratio of 6.83 and a beta of 2.36.

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

GigaCloud Technology Company Profile

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.