Second Line Capital LLC Purchases 17,852 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Second Line Capital LLC boosted its stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 17.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,332 shares of the company's stock after purchasing an additional 17,852 shares during the quarter. Second Line Capital LLC owned about 0.29% of GigaCloud Technology worth $2,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Lake Hills Wealth Management LLC purchased a new stake in GigaCloud Technology in the fourth quarter valued at approximately $332,000. JPMorgan Chase & Co. raised its stake in GigaCloud Technology by 24.7% in the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock valued at $2,325,000 after purchasing an additional 24,866 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in GigaCloud Technology in the fourth quarter valued at approximately $1,304,000. Raymond James Financial Inc. purchased a new stake in GigaCloud Technology in the fourth quarter valued at approximately $349,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in GigaCloud Technology in the fourth quarter valued at approximately $89,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on GCT shares. Lake Street Capital reduced their price target 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. Roth Mkm cut shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and reduced their price target for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Roth Capital cut shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 4th. Two 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.67.

GigaCloud Technology Stock Up 3.8%

Shares of GigaCloud Technology stock traded up $0.69 on Thursday, hitting $18.65. The stock had a trading volume of 341,000 shares, compared to its average volume of 1,333,551. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $34.28. The stock has a market cap of $709.78 million, a price-to-earnings ratio of 5.90 and a beta of 2.16. The stock's 50-day simple moving average is $14.29 and its two-hundred day simple moving average is $18.23.

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

GigaCloud Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, April 2nd that allows the company to repurchase $16.00 million in shares. This repurchase authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.