Raymond James & Associates Acquires New Shares in GigaCloud Technology Inc. (NASDAQ:GCT)

Raymond James & Associates bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,265 shares of the company’s stock, valued at approximately $517,000. Raymond James & Associates owned about 0.07% of GigaCloud Technology as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. PAX Financial Group LLC acquired a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $141,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of GigaCloud Technology in the 3rd quarter valued at $172,000. WINTON GROUP Ltd purchased a new stake in shares of GigaCloud Technology in the 3rd quarter valued at $258,000. Pacific Ridge Capital Partners LLC purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $586,000. Finally, New York State Common Retirement Fund acquired a new position in GigaCloud Technology in the 3rd quarter valued at about $1,895,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Insider Activity

In other news, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the transaction, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CTO Xin Wan sold 150,000 shares of GigaCloud Technology stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the sale, the chief technology officer now directly owns 947,540 shares in the company, valued at approximately $25,829,940.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the transaction, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 652,464 shares of company stock worth $20,030,775. 45.30% of the stock is currently owned by corporate insiders.

GigaCloud Technology Trading Down 2.8 %

NASDAQ:GCT opened at $35.35 on Friday. GigaCloud Technology Inc. has a 12-month low of $4.93 and a 12-month high of $45.18. The firm has a market cap of $1.44 billion, a PE ratio of 15.37 and a beta of 2.26. The stock has a fifty day moving average price of $33.39 and a 200 day moving average price of $22.10.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. Equities analysts forecast that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Roth Mkm raised their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd.

About GigaCloud Technology

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.