Oasis Management Co Ltd. acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 299,680 shares of the company's stock, valued at approximately $5,550,000. GigaCloud Technology makes up 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 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in GCT. US Bancorp DE lifted its holdings 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 valued at $28,000 after buying an additional 1,000 shares during the period. Amundi bought a new position in shares of GigaCloud Technology during the 4th quarter valued at $45,000. Heck Capital Advisors LLC bought a new position in shares of GigaCloud Technology during the 4th quarter valued at $79,000. KLP Kapitalforvaltning AS bought a new position in shares of GigaCloud Technology during the 4th quarter valued at $89,000. Finally, CreativeOne Wealth LLC bought a new position in shares of GigaCloud Technology during the 4th quarter valued at $185,000. 34.94% of the stock is owned by institutional investors.
GigaCloud Technology Price Performance
Shares of NASDAQ:GCT traded up $0.67 during midday trading on Friday, hitting $18.88. The company had a trading volume of 941,029 shares, compared to its average volume of 1,359,958. The company has a market cap of $756.45 million, a price-to-earnings ratio of 5.97 and a beta of 2.16. GigaCloud Technology Inc. has a 12-month low of $11.17 and a 12-month high of $36.18. The company has a fifty day moving average of $14.06 and a two-hundred day moving average of $18.29.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.46 by $0.22. The firm had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. GigaCloud Technology's revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.84 EPS. 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 approved a stock repurchase program 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 programs are often a sign that the company's board of directors believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on GCT. Roth Capital cut 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 lowered their price target for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Lake Street Capital lowered their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $36.67.
View Our Latest Research Report on GCT
About GigaCloud Technology
(
Free Report)
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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