Victory Capital Management Inc. Raises Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Key Points

• Victory Capital Management Inc. increased its stake in GigaCloud Technology Inc. by 95.8% during the 1st quarter, now owning 137,855 shares valued at approximately $1,958,000.
• GigaCloud Technology reported $271.91 million in revenue for the last quarter, surpassing analysts' expectations, and had an EPS of $0.68, beating estimates by $0.22.
• The company has initiated a $16 million share repurchase plan, indicating management's belief that its stock is undervalued.

Victory Capital Management Inc. increased its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 95.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 137,855 shares of the company's stock after acquiring an additional 67,455 shares during the period. Victory Capital Management Inc. owned about 0.34% of GigaCloud Technology worth $1,958,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of GCT. Raymond James Financial Inc. bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $349,000. Teacher Retirement System of Texas bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $415,000. KLP Kapitalforvaltning AS bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $89,000. JPMorgan Chase & Co. grew its holdings in shares of GigaCloud Technology by 24.7% in the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock worth $2,325,000 after acquiring an additional 24,866 shares during the period. Finally, Bryce Point Capital LLC purchased a new position in GigaCloud Technology during the fourth quarter valued at $396,000. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Trading Down 3.6%

NASDAQ GCT traded down $0.81 on Friday, hitting $21.46. 352,108 shares of the company traded hands, compared to its average volume of 882,241. The company has a market capitalization of $817.06 million, a price-to-earnings ratio of 6.99 and a beta of 2.35. The business's 50 day moving average price is $19.94 and its 200-day moving average price is $17.66. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $29.20.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released 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. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a return on equity of 31.90% and a net margin of 10.64%. GigaCloud Technology's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

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.