GigaCloud Technology (NASDAQ:GCT) Stock Price Up 10.2% - Still a Buy?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) traded up 10.2% during trading on Wednesday . The stock traded as high as $25.20 and last traded at $25.12. 1,055,752 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 1,144,345 shares. The stock had previously closed at $22.80.

GigaCloud Technology Stock Performance

The firm has a 50 day simple moving average of $19.58 and a 200 day simple moving average of $17.55. The firm has a market cap of $916.34 million, a P/E ratio of 7.84 and a beta of 2.35.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.46 by $0.22. GigaCloud Technology had a return on equity of 31.90% and a net margin of 10.64%. The business had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. During the same quarter last year, the company earned $0.84 EPS. The firm's revenue was up 8.3% compared to the same quarter last year. Sell-side analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of GigaCloud Technology by 24.7% during the 4th quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock valued at $2,325,000 after acquiring an additional 24,866 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $349,000. Allspring Global Investments Holdings LLC raised its holdings in shares of GigaCloud Technology by 52.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 28,380 shares of the company's stock valued at $418,000 after buying an additional 9,787 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $89,000. Finally, Nuveen Asset Management LLC raised its holdings in shares of GigaCloud Technology by 37.1% during the 4th quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock valued at $7,589,000 after buying an additional 110,804 shares in the last quarter. Institutional investors own 34.94% of the company's stock.

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.