Barclays PLC trimmed its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 73.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,513 shares of the company's stock after selling 126,766 shares during the period. Barclays PLC owned about 0.11% of GigaCloud Technology worth $842,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. US Bancorp DE lifted its position in GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after buying an additional 1,000 shares in the last quarter. Amundi bought a new stake in shares of GigaCloud Technology in the 4th quarter worth $45,000. Heck Capital Advisors LLC bought a new stake in shares of GigaCloud Technology in the 4th quarter worth approximately $79,000. KLP Kapitalforvaltning AS acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at $89,000. Finally, Intech Investment Management LLC purchased a new position in GigaCloud Technology in the 4th quarter worth about $189,000. Hedge funds and other institutional investors own 34.94% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Lake Street Capital lowered their target price on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Roth Capital cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $32.00 to $15.00 in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GigaCloud Technology currently has an average rating of "Moderate Buy" and an average target price of $36.67.
Get Our Latest Stock Report on GCT
GigaCloud Technology Stock Down 2.1 %
Shares of GCT stock traded down $0.31 during trading on Friday, reaching $14.50. 629,908 shares of the company's stock were exchanged, compared to its average volume of 1,380,217. The firm's fifty day moving average price is $13.84 and its 200-day moving average price is $18.57. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $39.90. The stock has a market capitalization of $580.96 million, a PE ratio of 4.59 and a beta of 2.16.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million for the quarter, compared to the consensus estimate of $290.00 million. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.
GigaCloud Technology announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 2nd that allows the company to buyback $16.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.
GigaCloud Technology Company Profile
(
Free Report)
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.
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