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

Sherbrooke Park Advisers LLC purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 13,661 shares of the company's stock, valued at approximately $253,000.

A number of other institutional investors have also made changes to their positions in GCT. Nuveen Asset Management LLC boosted 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 valued at $7,589,000 after purchasing an additional 110,804 shares during the period. Oasis Management Co Ltd. acquired a new position in GigaCloud Technology during the 4th quarter valued at approximately $5,550,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in GigaCloud Technology by 9.0% during 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 during the period. Janus Henderson Group PLC boosted its position in GigaCloud Technology by 7.4% during the 4th quarter. Janus Henderson Group PLC now owns 28,217 shares of the company's stock worth $523,000 after acquiring an additional 1,934 shares during the period. Finally, Deutsche Bank AG boosted its position in GigaCloud Technology by 54.9% during the 4th quarter. Deutsche Bank AG now owns 20,377 shares of the company's stock worth $377,000 after acquiring an additional 7,221 shares during the period. 34.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GCT shares. Lake Street Capital reduced their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a research report on Tuesday, March 4th. Roth Mkm lowered GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 4th.

GigaCloud Technology Trading Down 4.5%

GCT stock traded down $0.84 during trading hours on Friday, hitting $17.88. 645,170 shares of the stock traded hands, compared to its average volume of 1,284,637. The stock has a 50-day simple moving average of $14.43 and a 200 day simple moving average of $18.10. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $34.28. The company has a market cap of $680.66 million, a P/E ratio of 5.66 and a beta of 2.16.

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

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

GigaCloud Technology 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.