Kayne Anderson Rudnick Investment Management LLC Increases Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 60.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,125 shares of the company’s stock after purchasing an additional 34,318 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.22% of GigaCloud Technology worth $2,772,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology in the second quarter worth about $66,000. Seven Eight Capital LP bought a new position in GigaCloud Technology during the second quarter valued at $770,000. Amalgamated Bank purchased a new stake in GigaCloud Technology in the second quarter worth $25,000. Thoroughbred Financial Services LLC increased its position in GigaCloud Technology by 21.0% in the second quarter. Thoroughbred Financial Services LLC now owns 54,926 shares of the company’s stock worth $1,670,000 after buying an additional 9,540 shares during the last quarter. Finally, Headlands Technologies LLC raised its stake in shares of GigaCloud Technology by 15,300.0% in the second quarter. Headlands Technologies LLC now owns 20,328 shares of the company’s stock valued at $618,000 after buying an additional 20,196 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

NASDAQ:GCT opened at $18.30 on Monday. The business’s fifty day moving average is $22.93 and its 200 day moving average is $29.29. The firm has a market cap of $746.59 million, a price-to-earnings ratio of 7.12 and a beta of 1.76. GigaCloud Technology Inc. has a 52-week low of $6.71 and a 52-week high of $45.18.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GCT shares. Lake Street Capital started coverage on GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 price target for the company. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

Insider Buying and Selling

In other news, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the transaction, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GigaCloud Technology news, Director Frank Hurst Lin sold 93,211 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $29.66, for a total transaction of $2,764,638.26. Following the sale, the director now owns 4,219,582 shares in the company, valued at $125,152,802.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Iman Aj Schrock sold 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the transaction, the president now directly owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Insiders sold a total of 179,748 shares of company stock worth $5,347,937 over the last ninety days. 43.00% of the stock is 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.