VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in GigaCloud Technology Inc. $GCT

Key Points

• Virginia Retirement Systems purchased 24,250 shares of GigaCloud Technology worth approximately $766,000, while institutional investors and hedge funds collectively own 34.94% of the company.
• GigaCloud reported quarterly EPS of $1.16, beating estimates of $0.90, and revenue of $411.64 million versus the $380.63 million consensus forecast.
• Insiders sold 75,000 shares worth about $3.85 million over the past three months, while analysts maintain a consensus “Hold” rating. The stock opened at $52.74, up 1.7%, with a market capitalization of approximately $1.88 billion.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 24,250 shares of the company's stock, valued at approximately $766,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.07% of GigaCloud Technology at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Meeder Asset Management Inc. acquired a new position in shares of GigaCloud Technology in the 1st quarter worth approximately $60,000. Archer Investment Corp bought a new stake in shares of GigaCloud Technology in the 1st quarter worth approximately $97,000. Pictet Asset Management Holding SA acquired a new stake in GigaCloud Technology during the first quarter valued at approximately $203,000. Swiss Life Asset Management Ltd acquired a new stake in GigaCloud Technology during the fourth quarter valued at approximately $202,000. Finally, Moran Wealth Management LLC bought a new stake in GigaCloud Technology during the first quarter worth approximately $247,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of GigaCloud Technology in a report on Friday, September 4th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold".

Insider Activity at GigaCloud Technology

In other news, insider Marshall Bernes sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00. Following the sale, the insider owned 53,150 shares in the company, valued at $2,816,950. The trade was a 15.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Xin Wan sold 60,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the sale, the chief technology officer owned 657,540 shares of the company's stock, valued at approximately $33,495,087.60. This trade represents a 8.36% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 75,000 shares of company stock worth $3,845,800. 23.37% of the stock is currently owned by insiders.

GigaCloud Technology Stock Up 1.7%

NASDAQ:GCT opened at $52.74 on Tuesday. The stock has a fifty day simple moving average of $45.78 and a 200 day simple moving average of $42.00. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 12.47 and a beta of 1.65. GigaCloud Technology Inc. has a 1-year low of $25.39 and a 1-year high of $56.27.

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

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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