15,975 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Purchased by PharVision Advisers LLC

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

Several other large investors have also made changes to their positions in the business. Nuveen Asset Management LLC grew its stake in GigaCloud Technology by 37.1% during the fourth quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock valued at $7,589,000 after acquiring an additional 110,804 shares in the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of GigaCloud Technology by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 373,599 shares of the company's stock valued at $6,919,000 after purchasing an additional 9,409 shares during the last quarter. Oasis Management Co Ltd. purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at about $5,550,000. Jane Street Group LLC grew its position in shares of GigaCloud Technology by 1,599.5% during the fourth quarter. Jane Street Group LLC now owns 236,202 shares of the company's stock valued at $4,374,000 after purchasing an additional 222,304 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of GigaCloud Technology by 7.9% in the fourth quarter. Northern Trust Corp now owns 219,514 shares of the company's stock worth $4,065,000 after purchasing an additional 16,063 shares during the last quarter. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GCT. Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note 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 on the stock in a report on Tuesday, March 4th. Finally, Roth Mkm lowered shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and cut their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th.

GigaCloud Technology Trading Up 3.4%

Shares of NASDAQ:GCT traded up $0.61 during trading on Tuesday, reaching $18.49. The company's stock had a trading volume of 249,912 shares, compared to its average volume of 1,280,577. The stock has a market capitalization of $703.92 million, a PE ratio of 5.85 and a beta of 2.16. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $34.28. The firm's 50 day simple moving average is $14.49 and its two-hundred day simple moving average is $18.03.

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, beating the consensus estimate of $0.46 by $0.22. The business had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. Research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

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

About GigaCloud Technology

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.