GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. lowered its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 57.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,818 shares of the company’s stock after selling 14,424 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in GigaCloud Technology were worth $154,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of GCT. US Bancorp DE boosted its stake in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares during the last quarter. Amundi acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $45,000. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $79,000. KLP Kapitalforvaltning AS acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $89,000. Finally, CreativeOne Wealth LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $185,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Down 1.3%

GCT opened at $20.49 on Tuesday. The firm has a market capitalization of $780.01 million, a P/E ratio of 6.67 and a beta of 2.35. The firm’s 50 day moving average is $18.33 and its 200-day moving average is $17.31. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $31.31.

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. The company had revenue of $271.91 million during the quarter, compared to the consensus estimate of $259.80 million. GigaCloud Technology had a net margin of 10.64% and a return on equity of 31.90%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. Equities analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 2nd that permits the company to repurchase $16.00 million in shares. This repurchase authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management 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.