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

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 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 allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Separately, Lake Street Capital increased their price objective on GigaCloud Technology from $26.00 to $33.00 and gave the company a "buy" rating in a report on Friday, August 8th.

GigaCloud Technology Stock Down 0.4%

Shares of GCT stock traded down $0.14 during trading hours on Monday, hitting $32.13. 1,077,551 shares of the company's stock traded hands, compared to its average volume of 1,102,152. The stock's fifty day simple moving average is $22.11 and its two-hundred day simple moving average is $18.18. GigaCloud Technology has a 12-month low of $11.17 and a 12-month high of $34.50. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 9.65 and a beta of 2.36.

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

GigaCloud Technology Company Profile

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.

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