Raymond James Financial Inc. Purchases New Shares in GigaCloud Technology Inc. (NASDAQ:GCT)

Raymond James Financial Inc. acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 18,840 shares of the company's stock, valued at approximately $349,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE grew its position in GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after acquiring an additional 1,000 shares during the period. Amundi acquired a new position in shares of GigaCloud Technology during the fourth quarter valued at $45,000. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $79,000. KLP Kapitalforvaltning AS acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $89,000. Finally, Intech Investment Management LLC bought a new position in GigaCloud Technology during the fourth quarter worth about $189,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Trading Up 5.9%

Shares of NASDAQ GCT traded up $1.04 during mid-day trading on Wednesday, hitting $18.75. The company had a trading volume of 1,946,710 shares, compared to its average volume of 1,383,679. The firm has a 50-day simple moving average of $13.87 and a two-hundred day simple moving average of $18.42. The company has a market capitalization of $751.24 million, a PE ratio of 5.93 and a beta of 2.16. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $38.68.

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

GigaCloud Technology declared that its board has approved a share buyback program on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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