Swiss National Bank Sells 2,500 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Swiss National Bank decreased its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 5.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,800 shares of the company’s stock after selling 2,500 shares during the period. Swiss National Bank owned 0.11% of GigaCloud Technology worth $848,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. PFG Advisors acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth $216,000. Amundi bought a new stake in GigaCloud Technology during the fourth quarter valued at $45,000. Raymond James Financial Inc. acquired a new stake in GigaCloud Technology during the 4th quarter worth about $349,000. Victory Capital Management Inc. bought a new position in shares of GigaCloud Technology in the 4th quarter worth about $1,304,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of GigaCloud Technology by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock valued at $4,004,000 after purchasing an additional 1,629 shares during the period. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GCT. Lake Street Capital decreased their target price on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.67.

GigaCloud Technology Stock Performance

GCT stock opened at $15.11 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $13.60 and a fifty-two week high of $41.31. The stock’s 50 day simple moving average is $18.09 and its 200 day simple moving average is $20.62. The company has a market cap of $605.40 million, a P/E ratio of 4.78 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million for the quarter, compared to the consensus estimate of $290.00 million. During the same period in the previous year, the firm earned $0.87 earnings per share. Equities analysts predict that GigaCloud Technology Inc. will post 3.1 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.