California State Teachers Retirement System Sells 1,540 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

California State Teachers Retirement System trimmed its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 6.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 21,711 shares of the company’s stock after selling 1,540 shares during the period. California State Teachers Retirement System owned about 0.05% of GigaCloud Technology worth $402,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. US Bancorp DE boosted its position in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. Amundi bought a new position in GigaCloud Technology in the 4th quarter valued at $45,000. Heck Capital Advisors LLC bought a new position in GigaCloud Technology in the 4th quarter valued at $79,000. KLP Kapitalforvaltning AS bought a new position in GigaCloud Technology in the 4th quarter valued at $89,000. Finally, CreativeOne Wealth LLC bought a new position in GigaCloud Technology in the 4th quarter valued at $185,000. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Lake Street Capital cut their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th.

GigaCloud Technology Stock Up 0.8%

GCT stock opened at $18.74 on Thursday. The business’s fifty day moving average is $15.34 and its 200-day moving average is $17.70. The company has a market cap of $713.39 million, a P/E ratio of 5.93 and a beta of 2.35. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $34.28.

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

GigaCloud Technology announced that its Board of Directors has approved a stock buyback program on Wednesday, April 2nd that allows the company to buyback $16.00 million in outstanding shares. This buyback authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.