JPMorgan Chase & Co. Acquires 24,866 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

JPMorgan Chase & Co. raised its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 24.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 125,552 shares of the company's stock after acquiring an additional 24,866 shares during the period. JPMorgan Chase & Co. owned approximately 0.31% of GigaCloud Technology worth $2,325,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in GCT. US Bancorp DE boosted its position in shares of GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. Amundi purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $45,000. Heck Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $79,000. KLP Kapitalforvaltning AS purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $89,000. Finally, Intech Investment Management LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $189,000. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Price Performance

Shares of GCT traded down $0.22 during mid-day trading on Tuesday, hitting $12.94. The stock had a trading volume of 381,392 shares, compared to its average volume of 1,457,958. The firm has a market cap of $518.45 million, a P/E ratio of 4.09 and a beta of 2.12. The business has a fifty day moving average price of $14.44 and a 200-day moving average price of $19.17. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $41.31.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company had revenue of $295.78 million for the quarter, compared to the consensus estimate of $290.00 million. During the same quarter in the previous year, the firm posted $0.87 earnings per share. As a group, 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 share repurchase plan on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 2.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

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.