JPMorgan Chase & Co. Increases Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

JPMorgan Chase & Co. boosted its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 24.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 125,552 shares of the company’s stock after buying an additional 24,866 shares during the period. JPMorgan Chase & Co. owned 0.31% of GigaCloud Technology worth $2,325,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GCT. US Bancorp DE boosted its holdings in GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. 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 in the last quarter. Balboa Wealth Partners grew its holdings in shares of GigaCloud Technology by 22.4% during the 4th quarter. Balboa Wealth Partners now owns 11,320 shares of the company’s stock worth $210,000 after purchasing an additional 2,070 shares during the period. Amundi acquired a new stake in GigaCloud Technology during the 4th quarter worth approximately $45,000. Finally, SG Americas Securities LLC raised its holdings in GigaCloud Technology by 36.1% in the fourth quarter. SG Americas Securities LLC now owns 13,680 shares of the company’s stock valued at $253,000 after buying an additional 3,632 shares during the period. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Trading Up 2.9 %

Shares of GCT stock opened at $13.02 on Thursday. The firm has a fifty day simple moving average of $14.98 and a 200-day simple moving average of $19.53. The company has a market capitalization of $521.66 million, a PE ratio of 4.12 and a beta of 2.12. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month 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). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The company had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. During the same period in the previous year, the firm posted $0.87 EPS. Equities research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its board has approved a share repurchase program on Wednesday, April 2nd that permits the company to buyback $16.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

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.