GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 12.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 145,925 shares of the company's stock after selling 19,823 shares during the quarter. ProShare Advisors LLC owned 0.36% of GigaCloud Technology worth $2,703,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GCT. US Bancorp DE grew its stake in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after acquiring an additional 1,000 shares during the period. Amundi acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $45,000. Heck Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter worth about $79,000. KLP Kapitalforvaltning AS purchased a new stake in shares of GigaCloud Technology during the fourth quarter worth about $89,000. Finally, CreativeOne Wealth LLC acquired a new position in shares of GigaCloud Technology during the 4th quarter worth about $185,000. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Trading Down 4.5%

GCT stock traded down $0.84 during mid-day trading on Monday, reaching $17.88. The company's stock had a trading volume of 645,170 shares, compared to its average volume of 1,284,637. The stock has a market cap of $680.66 million, a PE ratio of 5.66 and a beta of 2.16. The company's 50 day moving average is $14.43 and its two-hundred day moving average is $18.10. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $34.28.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.22. The company had revenue of $271.91 million for the quarter, compared to analyst estimates of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The firm's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. On average, analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology announced that its board has initiated a stock buyback program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to purchase 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 shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GCT shares. Roth Capital cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital decreased their price objective on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th.

GigaCloud Technology 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.