SG Americas Securities LLC Makes New $231,000 Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

SG Americas Securities LLC bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 10,048 shares of the company’s stock, valued at approximately $231,000.

Several other institutional investors have also made changes to their positions in the stock. Amalgamated Bank bought a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $66,000. Csenge Advisory Group boosted its stake in shares of GigaCloud Technology by 20.0% in the second quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock valued at $650,000 after buying an additional 3,569 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $259,000. Finally, Thoroughbred Financial Services LLC lifted its stake in GigaCloud Technology by 21.0% during the second quarter. Thoroughbred Financial Services LLC now owns 54,926 shares of the company’s stock worth $1,670,000 after purchasing an additional 9,540 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on GCT. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital began coverage on GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $25.97 on Tuesday. The business has a fifty day moving average price of $21.66 and a two-hundred day moving average price of $28.15. The stock has a market capitalization of $1.06 billion, a PE ratio of 10.11 and a beta of 1.77. GigaCloud Technology Inc. has a fifty-two week low of $7.84 and a fifty-two week high of $45.18.

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

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.