Stock Buyback Program Declared by GigaCloud Technology (NASDAQ:GCT) Board

GigaCloud Technology (NASDAQ:GCT) declared that its board has initiated a share buyback plan on Wednesday, April 2nd, RTT News reports. The company plans to buyback $16.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Performance

Shares of GCT opened at $14.73 on Thursday. The company has a market capitalization of $590.17 million, a P/E ratio of 4.66 and a beta of 2.05. The business’s 50-day moving average is $17.73 and its two-hundred day moving average is $20.55. GigaCloud Technology has a fifty-two week low of $13.60 and a fifty-two week high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company had revenue of $295.78 million for the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the prior year, the business posted $0.87 earnings per share. Analysts forecast that GigaCloud Technology will post 3.1 EPS for the current year.

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.