Pacer Advisors Inc. Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

Key Points

• Pacer Advisors Inc. has acquired a new position in GigaCloud Technology Inc., purchasing 338,473 shares valued at approximately $4.8 million, which constitutes about 0.84% of the company's stock.
• GigaCloud reported a quarterly earnings per share (EPS) of $0.68, exceeding the consensus estimate of $0.46, along with a revenue of $271.91 million, marking an 8.3% year-over-year increase.
• The company’s stock repurchase plan allows for the repurchase of up to $16 million in shares, indicating management's belief that the stock is undervalued.

Pacer Advisors Inc. purchased a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 338,473 shares of the company's stock, valued at approximately $4,806,000. Pacer Advisors Inc. owned 0.84% of GigaCloud Technology at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in GigaCloud Technology by 24.7% during the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock worth $2,325,000 after buying an additional 24,866 shares during the period. Raymond James Financial Inc. acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $349,000. Allspring Global Investments Holdings LLC raised its position in GigaCloud Technology by 52.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 28,380 shares of the company's stock valued at $418,000 after purchasing an additional 9,787 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in GigaCloud Technology during the 4th quarter worth $89,000. Finally, Nuveen Asset Management LLC grew 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 worth $7,589,000 after purchasing an additional 110,804 shares during the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Trading Down 4.7%

Shares of GigaCloud Technology stock traded down $1.06 on Friday, reaching $21.22. 408,213 shares of the stock were exchanged, compared to its average volume of 882,643. The firm has a market capitalization of $807.66 million, a PE ratio of 6.92 and a beta of 2.35. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $29.20. The business has a fifty day moving average price of $19.94 and a two-hundred day moving average price of $17.66.

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, topping the consensus estimate of $0.46 by $0.22. GigaCloud Technology had a return on equity of 31.90% and a net margin of 10.64%. The company 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 firm posted $0.84 EPS. The firm's quarterly revenue was up 8.3% on a year-over-year basis. Research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

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.