JT Stratford LLC Invests $1.16 Million in GigaCloud Technology Inc. (NASDAQ:GCT)

JT Stratford LLC bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 62,657 shares of the company's stock, valued at approximately $1,160,000. JT Stratford LLC owned about 0.15% of GigaCloud Technology as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Nuveen Asset Management LLC lifted its position in GigaCloud Technology by 37.1% during 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 period. Bridgeway Capital Management LLC grew its stake in shares of GigaCloud Technology by 2.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 373,599 shares of the company's stock worth $6,919,000 after buying an additional 9,409 shares during the last quarter. Oasis Management Co Ltd. bought a new stake in GigaCloud Technology in the fourth quarter worth $5,550,000. Jane Street Group LLC grew its stake 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 worth $4,374,000 after acquiring an additional 222,304 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of GigaCloud Technology by 7.9% in the 4th quarter. Northern Trust Corp now owns 219,514 shares of the company's stock worth $4,065,000 after purchasing an additional 16,063 shares during the last quarter. Hedge funds and other institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Performance

Shares of GigaCloud Technology stock traded down $0.39 on Wednesday, hitting $18.03. 158,368 shares of the company traded hands, compared to its average volume of 1,277,545. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $34.28. The business has a 50-day simple moving average of $14.56 and a 200 day simple moving average of $18.04. The stock has a market capitalization of $686.21 million, a P/E ratio of 5.70 and a beta of 2.16.

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, beating analysts' consensus estimates of $0.46 by $0.22. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. During the same period in the previous year, the firm posted $0.84 EPS. GigaCloud Technology's revenue for the quarter was up 8.3% compared to the same quarter last year. Research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology declared that its Board of Directors has approved a share buyback program on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

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.