Integrity Alliance LLC. Acquires New Stake in GigaCloud Technology Inc. $GCT

Key Points

• Integrity Alliance LLC acquired 26,753 GigaCloud shares in the third quarter, worth about $1.38 million, representing roughly 0.07% of the company.
• GigaCloud beat quarterly expectations, reporting EPS of $1.73 versus $1.12 forecast and revenue of $423.6 million versus $389.4 million. It expects fourth-quarter revenue of $425 million to $450 million.
• Company insiders sold 127,000 shares worth about $6.64 million in the last quarter; institutional investors and hedge funds own 34.94% of GigaCloud’s stock.

Integrity Alliance LLC. bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,753 shares of the company's stock, valued at approximately $1,383,000. Integrity Alliance LLC. owned about 0.07% of GigaCloud Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Strs Ohio grew its position in GigaCloud Technology by 3.7% during the 1st quarter. Strs Ohio now owns 11,100 shares of the company's stock worth $504,000 after acquiring an additional 400 shares during the last quarter. GAMMA Investing LLC raised its position in GigaCloud Technology by 83.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,250 shares of the company's stock valued at $65,000 after purchasing an additional 570 shares during the last quarter. Sterling Capital Management LLC boosted its stake in GigaCloud Technology by 10.4% in the third quarter. Sterling Capital Management LLC now owns 8,692 shares of the company's stock worth $449,000 after purchasing an additional 818 shares in the last quarter. Arete Wealth Advisors LLC boosted its stake in GigaCloud Technology by 6.7% in the first quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company's stock worth $687,000 after purchasing an additional 945 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in GigaCloud Technology in the second quarter worth $30,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Marshall Bernes sold 15,703 shares of the firm's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74. Following the sale, the insider owned 25,447 shares of the company's stock, valued at approximately $1,363,450.26. This trade represents a 38.16% decrease in their position. The sale 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 dated Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total value of $3,056,400.00. Following the completion of the transaction, the chief technology officer directly owned 657,540 shares of the company's stock, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 127,000 shares of company stock valued at $6,636,604 in the last quarter. Company insiders own 23.37% of the company's stock.

GigaCloud Technology Stock Performance

Shares of GigaCloud Technology stock opened at $63.01 on Friday. The firm has a fifty day moving average of $54.94 and a two-hundred day moving average of $44.26. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 14.90 and a beta of 1.61. GigaCloud Technology Inc. has a 52 week low of $25.39 and a 52 week high of $67.18.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its earnings results on Thursday, November 5th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.61. The company had revenue of $423.56 million during the quarter, compared to analyst estimates of $389.39 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. As a group, research analysts forecast that GigaCloud Technology Inc. will post 4.70 EPS for the current fiscal year.

More GigaCloud Technology News

Here are the key news stories impacting GigaCloud Technology this week:

• Positive Sentiment: GigaCloud reported Q3 revenue of $423.6 million, above the approximately $389.4 million analyst estimate. Diluted EPS was $1.73 versus the $1.12 consensus, and the company said quarterly revenue, net income, and diluted EPS were records. The substantial earnings and revenue beats are the clearest near-term catalysts. GigaCloud Q3 financial results
• Positive Sentiment: The company expects Q4 revenue of $425 million to $450 million, pointing to potential sequential growth from Q3’s $423.6 million and supporting expectations for continued business momentum. GigaCloud Q4 revenue outlook

Analysts Set New Price Targets

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

About GigaCloud Technology

GigaCloud Technology Inc NASDAQ: GCT operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company's marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.

Want to see what other hedge funds are holding GCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GigaCloud Technology Inc. (NASDAQ:GCT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.