Seven Eight Capital LP Buys New Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Seven Eight Capital LP bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 25,310 shares of the company’s stock, valued at approximately $770,000. Seven Eight Capital LP owned approximately 0.06% of GigaCloud Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in GCT. Amalgamated Bank bought a new stake in GigaCloud Technology in the 2nd quarter valued at about $25,000. Quarry LP acquired a new stake in GigaCloud Technology in the fourth quarter valued at approximately $47,000. Tucker Asset Management LLC increased its holdings in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in shares of GigaCloud Technology during the fourth quarter worth approximately $226,000. Finally, Truvestments Capital LLC bought a new position in shares of GigaCloud Technology in the 1st quarter worth $327,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on GCT. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital began coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Trading Down 5.8 %

NASDAQ GCT opened at $18.30 on Friday. The business has a fifty day simple moving average of $22.93 and a 200 day simple moving average of $29.34. GigaCloud Technology Inc. has a 12 month low of $6.71 and a 12 month high of $45.18. The firm has a market capitalization of $746.59 million, a P/E ratio of 7.12 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The company had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 102.8% on a year-over-year basis. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the transaction, the president now directly owns 25,000 shares of the company’s stock, valued at approximately $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Hurst Lin sold 81,537 shares of GigaCloud Technology stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the completion of the sale, the director now directly owns 4,447,352 shares in the company, valued at approximately $132,664,510.16. The disclosure for this sale can be found here. Insiders have sold a total of 179,748 shares of company stock valued at $5,347,937 in the last 90 days. 43.00% of the stock is currently owned by corporate insiders.

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.