Nuveen Asset Management LLC Grows Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Nuveen Asset Management LLC lifted its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 37.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 409,787 shares of the company's stock after acquiring an additional 110,804 shares during the quarter. Nuveen Asset Management LLC owned 1.00% of GigaCloud Technology worth $7,589,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of 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 bought a new position in GigaCloud Technology in the fourth quarter worth about $45,000. Heck Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter valued at about $79,000. KLP Kapitalforvaltning AS bought a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $89,000. Finally, CreativeOne Wealth LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $185,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Price Performance

GigaCloud Technology stock traded up $0.25 during mid-day trading on Tuesday, reaching $18.18. 471,905 shares of the company traded hands, compared to its average volume of 1,251,360. The firm's fifty day moving average is $14.80 and its two-hundred day moving average is $17.87. The company has a market capitalization of $692.08 million, a price-to-earnings ratio of 5.75 and a beta of 2.16. 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 earnings results on Monday, May 12th. The company reported $0.68 earnings per share (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 the consensus estimate of $259.80 million. During the same period in the prior year, the firm earned $0.84 EPS. The firm's revenue was up 8.3% on a year-over-year basis. As a group, equities research analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

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

GigaCloud Technology Company 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.