Squarepoint Ops LLC Sells 3,758 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Squarepoint Ops LLC reduced its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 27.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,701 shares of the company’s stock after selling 3,758 shares during the period. Squarepoint Ops LLC’s holdings in GigaCloud Technology were worth $295,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of GigaCloud Technology in the second quarter worth about $25,000. Benjamin F. Edwards & Company Inc. bought a new position in GigaCloud Technology in the 2nd quarter worth approximately $66,000. Quarry LP purchased a new stake in GigaCloud Technology during the 4th quarter valued at approximately $47,000. Csenge Advisory Group lifted its holdings in shares of GigaCloud Technology by 20.0% in the second quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock worth $650,000 after buying an additional 3,569 shares in the last quarter. Finally, Tucker Asset Management LLC boosted its position 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 worth $146,000 after acquiring an additional 7,499 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Stock Up 7.1 %

GCT stock opened at $25.24 on Friday. GigaCloud Technology Inc. has a twelve month low of $7.71 and a twelve month high of $45.18. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 9.82 and a beta of 1.77. The business’s fifty day simple moving average is $21.52 and its two-hundred day simple moving average is $28.39.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on GCT shares. Lake Street Capital assumed 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 upgraded GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

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.