GigaCloud Technology Inc. (NASDAQ:GCT) Stake Lowered by Hussman Strategic Advisors Inc.

Hussman Strategic Advisors Inc. trimmed its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 50.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,000 shares of the company's stock after selling 84,000 shares during the quarter. Hussman Strategic Advisors Inc. owned 0.21% of GigaCloud Technology worth $1,193,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GCT. CWM LLC raised its position in shares of GigaCloud Technology by 319.8% during the 1st quarter. CWM LLC now owns 2,821 shares of the company's stock worth $40,000 after buying an additional 2,149 shares in the last quarter. Amundi acquired a new position in GigaCloud Technology during the 4th quarter valued at about $45,000. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $79,000. KLP Kapitalforvaltning AS bought a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $89,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in GigaCloud Technology during the 1st quarter valued at $147,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Trading Down 1.1%

GigaCloud Technology stock traded down $0.24 during midday trading on Friday, reaching $21.42. The company's stock had a trading volume of 393,058 shares, compared to its average volume of 1,149,995. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $29.94. The business has a 50-day moving average price of $19.02 and a 200-day moving average price of $17.42. The stock has a market cap of $815.42 million, a PE ratio of 6.98 and a beta of 2.35.

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

GigaCloud Technology declared that its board has approved a share buyback plan on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors 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.