Oasis Management Co Ltd. Purchases Shares of 299,680 GigaCloud Technology Inc. (NASDAQ:GCT)

Oasis Management Co Ltd. bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 299,680 shares of the company's stock, valued at approximately $5,550,000. GigaCloud Technology comprises about 1.2% of Oasis Management Co Ltd.'s portfolio, making the stock its 17th biggest position. Oasis Management Co Ltd. owned 0.73% of GigaCloud Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. increased 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 valued at $10,164,000 after purchasing an additional 135,726 shares during the period. Bridgeway Capital Management LLC boosted its stake in shares of GigaCloud Technology by 2.6% during the 4th quarter. Bridgeway Capital Management LLC now owns 373,599 shares of the company's stock valued at $6,919,000 after purchasing an additional 9,409 shares in the last quarter. Jane Street Group LLC increased its position in shares of GigaCloud Technology by 1,599.5% during the fourth quarter. Jane Street Group LLC now owns 236,202 shares of the company's stock valued at $4,374,000 after buying an additional 222,304 shares during the period. Northern Trust Corp raised its stake in GigaCloud Technology by 7.9% in the fourth quarter. Northern Trust Corp now owns 219,514 shares of the company's stock worth $4,065,000 after buying an additional 16,063 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in GigaCloud Technology by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company's stock worth $4,004,000 after buying an additional 1,629 shares during the period. Institutional investors own 34.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GCT shares. Roth Mkm downgraded GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Lake Street Capital reduced their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a research note on Tuesday, March 4th. Finally, Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $36.67.

GigaCloud Technology Stock Performance

GCT stock opened at $15.90 on Tuesday. The firm has a 50 day moving average price of $13.83 and a 200-day moving average price of $18.42. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $38.68. The firm has a market capitalization of $637.05 million, a price-to-earnings ratio of 5.03 and a beta of 2.16.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.22. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The company had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. During the same quarter last year, the company earned $0.84 EPS. The firm's revenue for the quarter was up 8.3% on a year-over-year basis. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

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

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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