Y Intercept Hong Kong Ltd Purchases 42,384 Shares of GigaCloud Technology Inc. $GCT

Key Points

• Y Intercept Hong Kong Ltd increased its stake in GigaCloud Technology by 407.9% in the first quarter, buying 42,384 additional shares and bringing its total holding to 52,774 shares worth about $2.4 million.
• GigaCloud Technology reported better-than-expected quarterly results, with EPS of $1.04 versus the $0.87 estimate and revenue of $359.5 million, up 32.2% year over year.
• Analyst sentiment has softened, with multiple firms downgrading the stock; GigaCloud now carries a Hold consensus rating and an average target price of $33.00.

Y Intercept Hong Kong Ltd lifted its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 407.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,774 shares of the company's stock after buying an additional 42,384 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.14% of GigaCloud Technology worth $2,395,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $29,000. Larson Financial Group LLC bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $30,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $30,000. Wealth Enhancement Advisory Services LLC acquired a new stake in GigaCloud Technology during the fourth quarter worth approximately $44,000. Finally, Tower Research Capital LLC TRC grew its stake in GigaCloud Technology by 25.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company's stock worth $47,000 after purchasing an additional 483 shares during the period. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Stock Up 0.1%

NASDAQ GCT opened at $33.74 on Thursday. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 8.48 and a beta of 1.72. GigaCloud Technology Inc. has a 52 week low of $19.95 and a 52 week high of $51.86. The business has a 50 day moving average price of $35.89 and a 200-day moving average price of $39.64.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Friday, May 8th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.17. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The business had revenue of $359.49 million during the quarter, compared to the consensus estimate of $342.57 million. During the same quarter last year, the firm posted $0.68 EPS. GigaCloud Technology's revenue was up 32.2% compared to the same quarter last year. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on GCT shares. Weiss Ratings lowered GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 8th. Zacks Research downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen lowered shares of GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 16th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, GigaCloud Technology presently has an average rating of "Hold" and a consensus target price of $33.00.

About GigaCloud Technology

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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