GigaCloud Technology (NASDAQ:GCT) to Buyback $0.00 in Outstanding Stock

Key Points

• GigaCloud Technology's board has authorized a share repurchase plan, allowing the company to buy back shares, although it plans to repurchase $0.00 in outstanding shares.
• Lake Street Capital has raised its price target for GigaCloud Technology from $26.00 to $33.00 and has assigned a "buy" rating to the stock.
• The company's quarterly earnings report showed an EPS of $0.91, significantly exceeding the consensus estimate of $0.46, with a revenue of $322.61 million.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) announced that its Board of Directors has authorized a share repurchase plan on Monday, August 18th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

GigaCloud Technology Stock Up 3.6%

GCT stock traded up $1.08 during midday trading on Friday, reaching $31.03. The company's stock had a trading volume of 766,676 shares, compared to its average volume of 1,156,336. GigaCloud Technology has a 52 week low of $11.17 and a 52 week high of $34.50. The stock has a market cap of $1.17 billion, a PE ratio of 9.32 and a beta of 2.36. The business's 50-day simple moving average is $23.11 and its 200-day simple moving average is $18.51.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.45. GigaCloud Technology had a net margin of 11.17% and a return on equity of 32.33%. The firm had revenue of $322.61 million for the quarter, compared to analysts' expectations of $290.08 million. During the same period last year, the firm earned $1.03 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. GigaCloud Technology has set its Q3 2025 guidance at EPS. As a group, equities analysts forecast that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Lake Street Capital raised their price target on shares of GigaCloud Technology from $26.00 to $33.00 and gave the company a "buy" rating in a report on Friday, August 8th. Zacks Research raised shares of GigaCloud Technology from a "strong sell" rating to a "hold" rating in a report on Tuesday. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $24.00.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, insider Marshall Bernes sold 16,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $31.29, for a total value of $500,640.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 24.71% 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.