GigaCloud Technology (NASDAQ:GCT) Hits New 52-Week High After Analyst Upgrade

Key Points

• GigaCloud Technology's share price reached a new 52-week high after Lake Street Capital upgraded its price target from $26.00 to $33.00, maintaining a buy rating.
• Institutional investors have increased their holdings significantly, with JPMorgan Chase & Co. boosting its stake by 24.7% in the fourth quarter.
• The company reported $0.91 earnings per share for the last quarter, exceeding forecasts, and revenue of $322.61 million, up 3.8% year-over-year.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shares hit a new 52-week high on Monday after Lake Street Capital raised their price target on the stock from $26.00 to $33.00. Lake Street Capital currently has a buy rating on the stock. GigaCloud Technology traded as high as $31.24 and last traded at $31.12, with a volume of 736543 shares trading hands. The stock had previously closed at $28.91.

Institutional Trading of GigaCloud Technology

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of GigaCloud Technology by 9.1% in the 2nd quarter. Geode Capital Management LLC now owns 630,805 shares of the company's stock valued at $12,479,000 after purchasing an additional 52,415 shares during the last quarter. Nuveen LLC acquired a new position in shares of GigaCloud Technology during the 1st quarter valued at $6,502,000. Nuveen Asset Management LLC increased its stake in GigaCloud Technology by 37.1% during the 4th quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock worth $7,589,000 after buying an additional 110,804 shares during the period. Franklin Resources Inc. increased its stake in GigaCloud Technology by 1.0% during the 2nd quarter. Franklin Resources Inc. now owns 407,960 shares of the company's stock worth $8,069,000 after buying an additional 4,163 shares during the period. Finally, Bridgeway Capital Management LLC increased its stake in GigaCloud Technology by 1.1% during the 1st quarter. Bridgeway Capital Management LLC now owns 377,633 shares of the company's stock worth $5,362,000 after buying an additional 4,034 shares during the period. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Trading Down 1.7%

The stock has a market cap of $1.22 billion, a PE ratio of 9.59 and a beta of 2.36. The company's 50 day moving average is $21.57 and its 200-day moving average is $18.08.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.45. The company had revenue of $322.61 million during the quarter, compared to analyst estimates of $290.08 million. GigaCloud Technology had a net margin of 11.17% and a return on equity of 32.33%. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $1.03 EPS. As a group, analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

About GigaCloud Technology

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.