GigaCloud Technology (NASDAQ:GCT) Trading 5.8% Higher - What's Next?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) were up 5.8% during mid-day trading on Wednesday . The stock traded as high as $18.63 and last traded at $18.72. Approximately 449,784 shares were traded during trading, a decline of 63% from the average daily volume of 1,201,453 shares. The stock had previously closed at $17.69.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on GCT shares. Lake Street Capital dropped their target price on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Roth Mkm downgraded shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Roth Capital cut shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 4th.

GigaCloud Technology Trading Up 6.2%

The firm has a market capitalization of $715.30 million, a PE ratio of 6.12 and a beta of 2.36. The firm has a 50-day moving average of $16.39 and a two-hundred day moving average of $17.26.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.22. GigaCloud Technology had a return on equity of 31.90% and a net margin of 10.64%. The company had revenue of $271.91 million for the quarter, compared to the consensus estimate of $259.80 million. During the same period last year, the business posted $0.84 EPS. The company's quarterly revenue was up 8.3% compared to the same quarter last year. Equities research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology announced that its board has initiated a stock repurchase program on Wednesday, April 2nd that allows the company to buyback $16.00 million in shares. This buyback authorization allows the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in GCT. Voya Investment Management LLC increased its holdings in GigaCloud Technology by 25.6% in the 1st quarter. Voya Investment Management LLC now owns 16,692 shares of the company's stock valued at $237,000 after purchasing an additional 3,398 shares in the last quarter. Rhumbline Advisers boosted its position in shares of GigaCloud Technology by 7.7% in the first quarter. Rhumbline Advisers now owns 32,184 shares of the company's stock worth $457,000 after buying an additional 2,302 shares during the period. Empowered Funds LLC grew its stake in shares of GigaCloud Technology by 2.1% in the first quarter. Empowered Funds LLC now owns 198,933 shares of the company's stock valued at $2,825,000 after buying an additional 4,034 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of GigaCloud Technology by 24.9% in the first quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company's stock valued at $2,017,000 after buying an additional 28,309 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in GigaCloud Technology by 2,444.8% during the 1st quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company's stock worth $60,000 after acquiring an additional 4,034 shares in the last quarter. Institutional investors and hedge funds 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.

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