Picton Mahoney Asset Management Acquires New Holdings in GigaCloud Technology Inc. $GCT

Key Points

• Picton Mahoney Asset Management opened a new position of 32,267 GigaCloud shares (~$917,000) in Q3, amid broader institutional accumulation that lifted institutional ownership to about 34.94%.
• GigaCloud beat quarterly estimates with EPS $1.04 (vs. $0.65 est.) and revenue $362.8M (up 22.6%), and carries a consensus "Moderate Buy" rating with a $33 target and a $1.58B market cap.
• Insiders sold materially last quarter—510,000 shares worth roughly $21.94M (including the CTO's 100,000 and CEO's 30,000 sales)—though insiders still own about 24.71% of the company.

Picton Mahoney Asset Management bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 32,267 shares of the company's stock, valued at approximately $917,000. Picton Mahoney Asset Management owned 0.09% of GigaCloud Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in shares of GigaCloud Technology by 67.7% in the second quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company's stock valued at $6,723,000 after purchasing an additional 137,201 shares during the period. Nordea Investment Management AB acquired a new position in GigaCloud Technology in the 3rd quarter valued at $3,852,000. Hussman Strategic Advisors Inc. acquired a new position in GigaCloud Technology in the 3rd quarter valued at $3,578,000. Vanguard Group Inc. raised its holdings in GigaCloud Technology by 18.2% in the 3rd quarter. Vanguard Group Inc. now owns 803,664 shares of the company's stock worth $22,824,000 after acquiring an additional 123,596 shares during the period. Finally, LSV Asset Management acquired a new position in GigaCloud Technology during the 3rd quarter worth $2,263,000. Institutional investors and hedge funds own 34.94% of the company's stock.

Wall Street Analyst Weigh In

GCT has been the subject of several research reports. Wall Street Zen raised GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday, February 28th. Zacks Research lowered shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Finally, Weiss Ratings upgraded shares of GigaCloud Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, January 27th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

GigaCloud Technology Trading Down 2.1%

NASDAQ GCT opened at $42.76 on Friday. The stock's 50 day moving average is $39.73 and its two-hundred day moving average is $34.39. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 11.81 and a beta of 2.24. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $48.00.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. The company had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company's revenue was up 22.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 EPS. On average, analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, CTO Xin Wan sold 100,000 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $43.38, for a total value of $4,338,000.00. Following the sale, the chief technology officer directly owned 717,540 shares in the company, valued at $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Lei Wu sold 30,000 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $43.11, for a total value of $1,293,300.00. Following the transaction, the chief executive officer owned 390,000 shares of the company's stock, valued at $16,812,900. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 510,000 shares of company stock worth $21,938,581 over the last quarter. Company insiders own 24.71% of the company's stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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