KBC Group NV Acquires Shares of 38,338 GigaCloud Technology Inc. $GCT

Key Points

• KBC Group NV opened a new position in GigaCloud Technology, buying 38,338 shares worth about $1.74 million in the first quarter. The stake represented roughly 0.10% of the company.
• GigaCloud’s latest earnings topped expectations, with EPS of $1.04 versus the $0.87 estimate and revenue of $359.49 million beating forecasts. Revenue rose 32.2% year over year.
• Analyst sentiment is mixed but cautious: recent downgrades left GigaCloud with an average Hold rating and a $33 price target, below where shares opened at $36.09.

KBC Group NV acquired a new position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 38,338 shares of the company's stock, valued at approximately $1,740,000. KBC Group NV owned approximately 0.10% of GigaCloud Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GCT. Quarry LP purchased a new position in shares of GigaCloud Technology during the third quarter valued at about $29,000. Larson Financial Group LLC bought a new position in GigaCloud Technology in the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in GigaCloud Technology in the third quarter worth about $30,000. Wealth Enhancement Advisory Services LLC bought a new stake in GigaCloud Technology during the 4th quarter valued at approximately $44,000. Finally, Tower Research Capital LLC TRC boosted its position in GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company's stock valued at $47,000 after acquiring an additional 483 shares in the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

Shares of GCT opened at $36.09 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $20.71 and a fifty-two week high of $51.86. The firm's 50-day simple moving average is $34.89 and its two-hundred day simple moving average is $39.36. The stock has a market cap of $1.33 billion, a PE ratio of 9.07 and a beta of 1.72.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Friday, May 8th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.17. The firm had revenue of $359.49 million during the quarter, compared to analyst estimates of $342.57 million. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The business's revenue was up 32.2% on a year-over-year basis. During the same period last year, the business earned $0.68 earnings per share. Equities research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GCT. Zacks Research lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 5th. Weiss Ratings lowered GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 8th. Finally, Wall Street Zen lowered GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $33.00.

GigaCloud Technology Company Profile

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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