UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 18,261 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 100.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,418 shares of the company's stock after purchasing an additional 18,261 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.09% of GigaCloud Technology worth $674,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. US Bancorp DE boosted its holdings in shares of GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after acquiring an additional 1,000 shares during the period. Amundi bought a new stake in GigaCloud Technology during the 4th quarter worth approximately $45,000. KLP Kapitalforvaltning AS bought a new position in GigaCloud Technology in the 4th quarter valued at $89,000. CreativeOne Wealth LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $185,000. Finally, Intech Investment Management LLC purchased a new position in GigaCloud Technology during the fourth quarter worth about $189,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Trading Down 1.1%

NASDAQ GCT traded down $0.21 during trading on Thursday, hitting $18.53. The company had a trading volume of 419,579 shares, compared to its average volume of 1,223,710. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $34.28. The company's fifty day moving average is $15.45 and its 200-day moving average is $17.65. The company has a market cap of $705.40 million, a price-to-earnings ratio of 5.86 and a beta of 2.35.

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, beating analysts' consensus estimates of $0.46 by $0.22. The firm had revenue of $271.91 million for the quarter, compared to analysts' expectations of $259.80 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. As a group, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its board has initiated a stock buyback plan on Wednesday, April 2nd that allows the company to buyback $16.00 million in shares. This buyback authorization allows the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Company 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.