The Manufacturers Life Insurance Company Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

The Manufacturers Life Insurance Company bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 8,513 shares of the company’s stock, valued at approximately $259,000.

A number of other hedge funds have also added to or reduced their stakes in GCT. Amalgamated Bank bought a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $66,000. Truvestments Capital LLC bought a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $327,000. Great Valley Advisor Group Inc. purchased a new position in shares of GigaCloud Technology during the second quarter valued at approximately $329,000. Finally, SeaCrest Wealth Management LLC purchased a new position in shares of GigaCloud Technology during the first quarter valued at approximately $391,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Trading Up 8.0 %

GCT stock opened at $26.40 on Friday. The stock’s fifty day simple moving average is $21.59 and its two-hundred day simple moving average is $28.29. GigaCloud Technology Inc. has a 1-year low of $7.71 and a 1-year high of $45.18. The stock has a market cap of $1.08 billion, a P/E ratio of 10.27 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business had revenue of $310.90 million for the quarter, compared to analysts’ expectations of $275.47 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 102.8% on a year-over-year basis. As a group, analysts forecast that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GCT shares. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital started coverage on GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock.

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.