Amundi Invests $45,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

Amundi bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,295 shares of the company’s stock, valued at approximately $45,000.

A number of other hedge funds have also recently modified their holdings of GCT. US Bancorp DE boosted its stake in shares of GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after buying an additional 1,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of GigaCloud Technology in the third quarter worth about $51,000. Heck Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth about $79,000. Quarry LP boosted its position in GigaCloud Technology by 519.8% during the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after purchasing an additional 3,072 shares in the last quarter. Finally, Banque Cantonale Vaudoise boosted its position in GigaCloud Technology by 345.6% during the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock worth $167,000 after purchasing an additional 5,651 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Insider Activity

In related news, insider Marshall Bernes purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The stock was purchased at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the acquisition, the insider now owns 45,000 shares in the company, valued at $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 43.00% of the company’s stock.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $15.06 on Friday. The company has a market cap of $603.39 million, a PE ratio of 4.77 and a beta of 2.05. The stock’s 50 day simple moving average is $18.46 and its 200-day simple moving average is $20.71. GigaCloud Technology Inc. has a 1-year low of $13.60 and a 1-year high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.14). The firm had revenue of $295.78 million during the quarter, compared to analysts’ expectations 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 last year, the business earned $0.87 EPS. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on GCT. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Finally, Lake Street Capital lowered their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.67.

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.