International Assets Investment Management LLC Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

International Assets Investment Management LLC acquired a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 47,109 shares of the company’s stock, valued at approximately $1,083,000. International Assets Investment Management LLC owned 0.12% of GigaCloud Technology as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GCT. Empowered Funds LLC increased its stake in shares of GigaCloud Technology by 8.1% in the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after purchasing an additional 12,278 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after buying an additional 34,318 shares during the last quarter. Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology in the 2nd quarter valued at $2,663,000. Second Line Capital LLC bought a new stake in shares of GigaCloud Technology in the second quarter worth about $2,660,000. Finally, Bank of New York Mellon Corp purchased a new position in GigaCloud Technology during the 2nd quarter valued at approximately $2,000,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

Shares of GCT opened at $22.69 on Tuesday. The stock has a 50 day moving average price of $22.04 and a 200 day moving average price of $27.49. The stock has a market capitalization of $938.53 million, a price-to-earnings ratio of 8.19 and a beta of 1.78. GigaCloud Technology Inc. has a one year low of $8.28 and a one year high of $45.18.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Lake Street Capital began coverage on GigaCloud Technology in a research report on Monday, July 29th. They issued 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 note 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.