GigaCloud Technology (NASDAQ:GCT) Sets New 52-Week Low - Here's Why

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as $11.49 and last traded at $13.01, with a volume of 2185941 shares. The stock had previously closed at $11.79.

Analyst Ratings Changes

Several research analysts have recently commented on GCT shares. Roth Mkm cut shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Finally, Lake Street Capital decreased their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.67.

GigaCloud Technology Stock Performance

The business has a 50 day simple moving average of $16.05 and a 200-day simple moving average of $20.09. The firm has a market cap of $485.52 million, a price-to-earnings ratio of 3.83 and a beta of 2.12.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.14). The business had revenue of $295.78 million for the quarter, compared to analysts' expectations of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same period in the prior year, the business earned $0.87 earnings per share. As a group, research analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE increased its stake in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after purchasing an additional 1,000 shares during the period. Amundi purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $45,000. Heck Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth about $79,000. KLP Kapitalforvaltning AS bought a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $89,000. Finally, CreativeOne Wealth LLC purchased a new position in GigaCloud Technology during the fourth quarter valued at $185,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.