Squarepoint Ops LLC Raises Stock Position in GigaCloud Technology Inc. $GCT

Key Points

• Squarepoint Ops increased its GigaCloud Technology stake by 341.5% in the second quarter to 41,673 shares valued at approximately $1.3 million. Other institutional investors also expanded their positions, with institutional ownership reaching 34.94%.
• GigaCloud reported quarterly EPS of $1.16, exceeding the $0.90 analyst consensus, while revenue of $411.64 million topped estimates of $380.63 million. The stock opened at $51.64, with a 52-week range of $25.39 to $56.27.
• Company insiders sold 78,000 shares worth about $4.0 million over the past three months, while analysts maintained an overall “Hold” rating. Corporate insiders retain a 23.37% ownership stake.

Squarepoint Ops LLC grew its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 341.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 41,673 shares of the company's stock after acquiring an additional 32,234 shares during the period. Squarepoint Ops LLC owned about 0.12% of GigaCloud Technology worth $1,317,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. LSV Asset Management increased its holdings in GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company's stock worth $28,934,000 after purchasing an additional 656,900 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of GigaCloud Technology by 252.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company's stock worth $21,424,000 after buying an additional 338,269 shares during the period. Tieton Capital Management LLC purchased a new stake in shares of GigaCloud Technology in the 2nd quarter worth $6,257,000. Renaissance Technologies LLC bought a new position in shares of GigaCloud Technology during the 1st quarter worth $3,576,000. Finally, Bank of America Corp DE grew its position in shares of GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company's stock worth $4,536,000 after buying an additional 64,799 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company's stock.

Insider Transactions at GigaCloud Technology

In related news, CTO Xin Wan sold 60,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer owned 657,540 shares of the company's stock, valued at $33,495,087.60. This trade represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Marshall Bernes sold 10,000 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the insider directly owned 53,150 shares in the company, valued at approximately $2,816,950. The trade was a 15.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 78,000 shares of company stock valued at $4,003,810. Corporate insiders own 23.37% of the company's stock.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $51.64 on Thursday. The firm's 50 day moving average price is $46.52 and its 200-day moving average price is $42.15. GigaCloud Technology Inc. has a 52-week low of $25.39 and a 52-week high of $56.27. The company has a market cap of $1.84 billion, a PE ratio of 12.21 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.26. The company had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. On average, analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold".

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.

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