Cetera Investment Advisers Lowers Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

Cetera Investment Advisers lessened its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 29.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,615 shares of the company’s stock after selling 12,627 shares during the period. Cetera Investment Advisers owned about 0.07% of GigaCloud Technology worth $567,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. US Bancorp DE boosted its stake in GigaCloud Technology by 200.0% in the 4th 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. Amundi purchased a new position in GigaCloud Technology during the fourth quarter worth approximately $45,000. Heck Capital Advisors LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $79,000. KLP Kapitalforvaltning AS purchased a new stake in shares of GigaCloud Technology during the 4th quarter valued at $89,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter valued at $185,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Lake Street Capital dropped their price target 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. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th.

GigaCloud Technology Stock Down 4.5%

GigaCloud Technology stock opened at $17.88 on Tuesday. The firm has a market capitalization of $680.66 million, a P/E ratio of 5.66 and a beta of 2.16. The firm has a fifty day moving average of $14.49 and a 200-day moving average of $18.03. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $34.28.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.22. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The firm had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. During the same period in the prior year, the firm earned $0.84 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

GigaCloud Technology announced that its Board of Directors has approved a stock repurchase plan on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

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.