Raymond James Financial Inc. Invests $349,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

Raymond James Financial Inc. acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 18,840 shares of the company’s stock, valued at approximately $349,000.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of GigaCloud Technology by 279.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after buying an additional 158,033 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in GigaCloud Technology during the 3rd quarter valued at $417,000. Janus Henderson Group PLC boosted its holdings in GigaCloud Technology by 94.2% during the 3rd quarter. Janus Henderson Group PLC now owns 26,283 shares of the company’s stock worth $604,000 after acquiring an additional 12,751 shares during the last quarter. State Street Corp grew its stake in shares of GigaCloud Technology by 31.7% in the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after acquiring an additional 121,037 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after purchasing an additional 274,506 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Trading Up 10.3 %

Shares of NASDAQ GCT opened at $13.01 on Thursday. The stock has a fifty day simple moving average of $16.56 and a two-hundred day simple moving average of $20.29. GigaCloud Technology Inc. has a 1-year low of $11.49 and a 1-year high of $41.31. The firm has a market cap of $521.26 million, a price-to-earnings ratio of 4.12 and a beta of 2.12.

GigaCloud Technology (NASDAQ:GCT) last posted 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). 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 during the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the previous year, the business earned $0.87 EPS. Analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology announced that its board has authorized a share buyback program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

GCT has been the topic of several analyst reports. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital cut their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.