PharVision Advisers LLC Takes Position in GigaCloud Technology Inc. (NASDAQ:GCT)

PharVision Advisers LLC bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,975 shares of the company's stock, valued at approximately $296,000.

Several other hedge funds have also recently bought and sold shares of the business. US Bancorp DE grew its stake in GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after buying an additional 1,000 shares during the period. Mariner LLC lifted its holdings in shares of GigaCloud Technology by 10.5% during the 4th quarter. Mariner LLC now owns 11,066 shares of the company's stock valued at $205,000 after acquiring an additional 1,056 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in GigaCloud Technology by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company's stock worth $4,004,000 after purchasing an additional 1,629 shares during the period. Janus Henderson Group PLC increased its holdings in GigaCloud Technology by 7.4% in the 4th quarter. Janus Henderson Group PLC now owns 28,217 shares of the company's stock valued at $523,000 after purchasing an additional 1,934 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in GigaCloud Technology by 9.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,956 shares of the company's stock valued at $444,000 after purchasing an additional 1,981 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company's stock.

Wall Street Analyst Weigh In

GCT has been the subject of several analyst reports. Roth Mkm downgraded GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Roth Capital cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Finally, Lake Street Capital dropped their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.67.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT opened at $17.96 on Thursday. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $34.28. The stock's 50-day simple moving average is $14.29 and its 200-day simple moving average is $18.23. The firm has a market cap of $683.70 million, a price-to-earnings ratio of 5.68 and a beta of 2.16.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. GigaCloud Technology's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. As a group, research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology announced that its board has initiated a stock buyback plan on Wednesday, April 2nd that permits the company to buyback $16.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is 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.

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