Northern Trust Corp Has $4.07 Million Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Northern Trust Corp raised its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 219,514 shares of the company's stock after buying an additional 16,063 shares during the quarter. Northern Trust Corp owned about 0.54% of GigaCloud Technology worth $4,065,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lake Hills Wealth Management LLC bought a new stake in shares of GigaCloud Technology in the 4th quarter valued at $332,000. JPMorgan Chase & Co. grew its stake in GigaCloud Technology by 24.7% in the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock valued at $2,325,000 after acquiring an additional 24,866 shares during the period. Victory Capital Management Inc. bought a new stake in shares of GigaCloud Technology in the fourth quarter worth about $1,304,000. Raymond James Financial Inc. bought a new stake in shares of GigaCloud Technology in the fourth quarter worth about $349,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth about $89,000. 34.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

GigaCloud Technology Trading Down 2.0%

Shares of GigaCloud Technology stock traded down $0.36 during trading on Wednesday, reaching $18.06. The stock had a trading volume of 385,585 shares, compared to its average volume of 1,274,902. The company has a market capitalization of $687.51 million, a price-to-earnings ratio of 5.72 and a beta of 2.16. The stock has a fifty day moving average price of $14.62 and a two-hundred day moving average price of $18.04. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $34.28.

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

GigaCloud Technology declared that its Board of Directors has approved a stock buyback program on Wednesday, April 2nd that allows the company to buyback $16.00 million in shares. This buyback authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.