Allspring Global Investments Holdings LLC Purchases Shares of 14,201 GigaCloud Technology Inc. (NASDAQ:GCT)

Allspring Global Investments Holdings LLC purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,201 shares of the company’s stock, valued at approximately $326,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in GigaCloud Technology in the second quarter valued at $25,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GigaCloud Technology in the second quarter valued at $66,000. Csenge Advisory Group raised its stake in 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 in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of GigaCloud Technology during the second quarter worth about $259,000. Finally, Creative Planning purchased a new position in shares of GigaCloud Technology during the third quarter worth about $207,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $22.71 on Friday. The stock’s 50-day moving average is $22.02 and its two-hundred day moving average is $27.64. The firm has a market cap of $939.29 million, a price-to-earnings ratio of 8.20 and a beta of 1.78. GigaCloud Technology Inc. has a 1 year low of $8.28 and a 1 year high of $45.18.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Aegis raised GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital assumed coverage on GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 price objective 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.