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

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

GigaCloud Technology Trading Up 0.4%

The company's 50 day moving average is $19.48 and its 200 day moving average is $17.53. The stock has a market capitalization of $918.06 million, a price-to-earnings ratio of 7.82 and a beta of 2.35.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.22. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a net margin of 10.64% and a return on equity of 31.90%. GigaCloud Technology's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the firm posted $0.84 EPS. 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 initiated a stock repurchase plan on Wednesday, April 2nd that allows the company to repurchase $16.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Nuveen LLC bought a new position in 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 valued at $7,589,000 after buying an additional 110,804 shares during the period. 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 valued at $5,362,000 after buying an additional 4,034 shares during the period. Pacer Advisors Inc. bought a new position in shares of GigaCloud Technology during the 1st quarter valued at about $4,806,000. Finally, Oasis Management Co Ltd. bought a new position in shares of GigaCloud Technology during the 4th quarter valued at about $5,550,000. Hedge funds and other 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.