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

Second Line Capital LLC raised its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 17.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,332 shares of the company's stock after buying 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 & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oasis Management Co Ltd. purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $5,550,000. Jane Street Group LLC boosted its holdings in GigaCloud Technology by 1,599.5% during the 4th quarter. Jane Street Group LLC now owns 236,202 shares of the company's stock valued at $4,374,000 after acquiring an additional 222,304 shares during the period. Nuveen Asset Management LLC boosted its holdings in GigaCloud Technology by 37.1% during the 4th quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock valued at $7,589,000 after acquiring an additional 110,804 shares during the period. Marshall Wace LLP purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $1,914,000. Finally, JPMorgan Chase & Co. boosted its holdings in GigaCloud Technology by 446.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company's stock valued at $2,314,000 after acquiring an additional 82,250 shares during the period. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Down 1.1%

Shares of NASDAQ:GCT traded down $0.21 during trading on Tuesday, hitting $18.31. The stock had a trading volume of 655,447 shares, compared to its average volume of 1,343,119. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $34.28. The company has a market capitalization of $733.61 million, a PE ratio of 5.79 and a beta of 2.16. The firm's fifty day moving average is $14.22 and its 200 day moving average is $18.23.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced 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 return on equity of 40.32% and a net margin of 11.75%. The firm had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. During the same quarter in the prior year, the company earned $0.84 EPS. The business's revenue was up 8.3% compared to the same quarter last year. Equities research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

GigaCloud Technology declared that its board has authorized a share buyback plan on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on GCT shares. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Lake Street Capital dropped their price objective on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a 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 equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company 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.