New York State Teachers Retirement System Buys New Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

New York State Teachers Retirement System bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,143 shares of the company’s stock, valued at approximately $49,000.

Several other institutional investors also recently bought and sold shares of GCT. Aptus Capital Advisors LLC bought a new position in GigaCloud Technology during the second quarter valued at $2,663,000. Second Line Capital LLC bought a new position in GigaCloud Technology during the second quarter valued at $2,660,000. Bank of New York Mellon Corp bought a new position in GigaCloud Technology during the second quarter valued at $2,000,000. Tidal Investments LLC bought a new position in GigaCloud Technology during the first quarter valued at $1,731,000. Finally, Sanctuary Advisors LLC bought a new position in GigaCloud Technology during the second quarter valued at $1,595,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $26.90 on Tuesday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 8.51 and a beta of 1.78. The company’s 50-day simple moving average is $22.37 and its two-hundred day simple moving average is $27.15. GigaCloud Technology Inc. has a one year low of $8.28 and a one year high of $45.18.

Analyst Upgrades and Downgrades

GCT has been the subject of several analyst reports. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price for the company.

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.