Sherbrooke Park Advisers LLC Invests $253,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

Sherbrooke Park Advisers LLC bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 13,661 shares of the company's stock, valued at approximately $253,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. US Bancorp DE lifted its position in shares of 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 purchasing an additional 1,000 shares during the last quarter. Mariner LLC lifted its position in shares of GigaCloud Technology by 10.5% during the fourth quarter. Mariner LLC now owns 11,066 shares of the company's stock worth $205,000 after purchasing an additional 1,056 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of GigaCloud Technology by 0.8% during the fourth 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 last quarter. Janus Henderson Group PLC lifted its position in shares of GigaCloud Technology by 7.4% during the fourth quarter. Janus Henderson Group PLC now owns 28,217 shares of the company's stock worth $523,000 after purchasing an additional 1,934 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of GigaCloud Technology by 9.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,956 shares of the company's stock worth $444,000 after purchasing an additional 1,981 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Roth Capital downgraded GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a 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 Mkm downgraded GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, GigaCloud Technology presently has a consensus rating of "Moderate Buy" and an average price target of $36.67.

GigaCloud Technology Price Performance

GCT stock opened at $18.52 on Tuesday. The company has a market capitalization of $742.02 million, a P/E ratio of 5.86 and a beta of 2.16. The business has a 50-day moving average price of $14.15 and a 200 day moving average price of $18.23. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $36.18.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.22. The business had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The firm's revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. On average, analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has approved a share buyback program on Wednesday, April 2nd that permits the company to repurchase $16.00 million in shares. This repurchase authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board 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.

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