10,200 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Bought by Squarepoint Ops LLC

Squarepoint Ops LLC acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 10,200 shares of the company’s stock, valued at approximately $189,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC bought a new stake in GigaCloud Technology during the fourth quarter worth about $216,000. Empowered Funds LLC increased its position in shares of GigaCloud Technology by 5.1% during the 4th quarter. Empowered Funds LLC now owns 194,899 shares of the company’s stock worth $3,610,000 after purchasing an additional 9,409 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of GigaCloud Technology by 30.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 18,593 shares of the company’s stock worth $344,000 after purchasing an additional 4,392 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of GigaCloud Technology by 16.6% during the 4th quarter. Principal Financial Group Inc. now owns 73,206 shares of the company’s stock worth $1,356,000 after purchasing an additional 10,446 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of GigaCloud Technology by 99.8% in the 4th quarter. Bank of New York Mellon Corp now owns 102,698 shares of the company’s stock valued at $1,902,000 after buying an additional 51,310 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT opened at $18.61 on Monday. The firm has a market cap of $708.45 million, a price-to-earnings ratio of 5.89 and a beta of 2.36. The stock’s fifty day moving average price is $15.05 and its two-hundred day moving average price is $17.73. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $34.28.

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

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GCT shares. Roth Mkm cut shares of 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 note on Tuesday, March 4th. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Lake Street Capital decreased their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th.

GigaCloud Technology Company 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.