Hsbc Holdings PLC Purchases New Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Hsbc Holdings PLC purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 19,718 shares of the company's stock, valued at approximately $375,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GCT. Lake Hills Wealth Management LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter valued at $332,000. Franklin Resources Inc. grew its position in GigaCloud Technology by 49.5% during the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company's stock worth $10,164,000 after acquiring an additional 135,726 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of GigaCloud Technology by 24.7% in the 4th quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock worth $2,325,000 after buying an additional 24,866 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth about $1,304,000. Finally, Raymond James Financial Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at about $349,000. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Up 5.0%

Shares of NASDAQ GCT traded up $0.89 during mid-day trading on Wednesday, reaching $18.60. 938,564 shares of the company were exchanged, compared to its average volume of 1,379,971. The firm has a 50-day moving average of $13.87 and a 200 day moving average of $18.42. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $38.68. The stock has a market cap of $745.03 million, a price-to-earnings ratio of 5.88 and a beta of 2.16.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly 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 net margin of 11.75% and a return on equity of 40.32%. The business had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The company's quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

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

Analyst Ratings Changes

GCT has been the topic of a number of recent analyst reports. Roth Capital downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital decreased their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, GigaCloud Technology has an average rating of "Moderate Buy" and an average price target of $36.67.

GigaCloud Technology 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.