70,400 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 70,400 shares of the company’s stock, valued at approximately $1,304,000. Victory Capital Management Inc. owned about 0.17% of GigaCloud Technology at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Townsquare Capital LLC raised its holdings in shares of GigaCloud Technology by 4.6% in the 3rd quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock worth $447,000 after acquiring an additional 862 shares during the last quarter. US Bancorp DE grew its position in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in GigaCloud Technology by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock valued at $4,004,000 after buying an additional 1,629 shares during the last quarter. Truvestments Capital LLC lifted its position in shares of GigaCloud Technology by 14.6% during the 3rd quarter. Truvestments Capital LLC now owns 17,196 shares of the company’s stock worth $395,000 after buying an additional 2,189 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $51,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Trading Down 3.3 %

GCT stock opened at $14.41 on Wednesday. The stock has a market cap of $577.35 million, a P/E ratio of 4.56 and a beta of 2.05. The stock’s fifty day simple moving average is $18.74 and its two-hundred day simple moving average is $20.83. GigaCloud Technology Inc. has a 1-year low of $13.60 and a 1-year high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.14). The firm had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same quarter in the previous year, the firm earned $0.87 earnings per share. As a group, analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In other news, insider Marshall Bernes bought 5,000 shares of the stock in a transaction on Friday, December 27th. The shares were purchased at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the purchase, the insider now directly owns 45,000 shares in the company, valued at $787,500. This represents a 12.50 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 43.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on GCT shares. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Lake Street Capital cut their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Roth Capital cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

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.