Principal Financial Group Inc. Acquires Shares of 62,760 GigaCloud Technology Inc. (NASDAQ:GCT)

Principal Financial Group Inc. bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 62,760 shares of the company’s stock, valued at approximately $1,442,000. Principal Financial Group Inc. owned about 0.15% of GigaCloud Technology at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GCT. International Assets Investment Management LLC acquired a new stake in GigaCloud Technology during the third quarter valued at approximately $1,083,000. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of GigaCloud Technology by 60.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after acquiring an additional 34,318 shares in the last quarter. WT Asset Management Ltd bought a new position in GigaCloud Technology during the third quarter worth $2,804,000. Bank of New York Mellon Corp acquired a new position in GigaCloud Technology in the second quarter worth $2,000,000. Finally, Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology during the second quarter valued at $2,663,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Up 5.7 %

GigaCloud Technology stock opened at $25.50 on Friday. GigaCloud Technology Inc. has a 52-week low of $8.70 and a 52-week high of $45.18. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 8.07 and a beta of 1.78. The firm has a 50-day moving average price of $23.33 and a two-hundred day moving average price of $26.43.

Wall Street Analyst Weigh In

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

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.