GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lowered its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 27.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,822 shares of the company’s stock after selling 10,376 shares during the period. Commonwealth Equity Services LLC owned about 0.07% of GigaCloud Technology worth $515,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of GCT. US Bancorp DE boosted its stake in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. Amundi acquired a new stake in GigaCloud Technology in the fourth quarter valued at $45,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in GigaCloud Technology during the 3rd quarter valued at $51,000. Heck Capital Advisors LLC acquired a new position in GigaCloud Technology during the 4th quarter worth $79,000. Finally, Quarry LP increased its position in shares of GigaCloud Technology by 519.8% in the 3rd quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after purchasing an additional 3,072 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Down 3.3 %

Shares of NASDAQ:GCT opened at $13.31 on Friday. The company has a market cap of $533.28 million, a PE ratio of 4.21 and a beta of 2.05. GigaCloud Technology Inc. has a fifty-two week low of $11.85 and a fifty-two week high of $41.31. The firm has a 50-day simple moving average of $17.43 and a 200 day simple moving average of $20.49.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The company had revenue of $295.78 million during the quarter, compared to analyst estimates 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, research analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

GigaCloud Technology declared that its board has approved a stock repurchase program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

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.