GigaCloud Technology Inc. (NASDAQ:GCT) Shares Acquired by Jane Street Group LLC

Jane Street Group LLC grew its holdings in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 1,599.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 236,202 shares of the company's stock after buying an additional 222,304 shares during the period. Jane Street Group LLC owned approximately 0.58% of GigaCloud Technology worth $4,374,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. US Bancorp DE grew its position in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after buying an additional 1,000 shares in the last quarter. Amundi acquired a new stake in GigaCloud Technology in the fourth quarter worth about $45,000. Heck Capital Advisors LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $79,000. KLP Kapitalforvaltning AS acquired a new stake in GigaCloud Technology in the 4th quarter worth approximately $89,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter valued at $185,000. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Price Performance

GCT stock traded up $1.04 during trading on Wednesday, hitting $18.75. 1,950,483 shares of the company traded hands, compared to its average volume of 1,383,703. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $38.68. The company has a market cap of $751.24 million, a PE ratio of 5.93 and a beta of 2.16. The stock's 50-day simple moving average is $13.87 and its 200 day simple moving average is $18.42.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.22. The firm had revenue of $271.91 million during the quarter, compared to analysts' expectations of $259.80 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The business's revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.84 EPS. Research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on GCT shares. Roth Capital cut GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, March 4th. Roth Mkm lowered shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital dropped their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.67.

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.