GigaCloud Technology Inc. (NASDAQ:GCT) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 74,234 shares of the company’s stock after buying an additional 1,028 shares during the quarter. Principal Financial Group Inc. owned 0.19% of GigaCloud Technology worth $1,054,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Mariner LLC grew its position in GigaCloud Technology by 10.5% during the 4th quarter. Mariner LLC now owns 11,066 shares of the company’s stock worth $205,000 after purchasing an additional 1,056 shares in the last quarter. PFG Investments LLC grew its position in GigaCloud Technology by 9.4% during the 1st quarter. PFG Investments LLC now owns 16,835 shares of the company’s stock worth $239,000 after purchasing an additional 1,450 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in GigaCloud Technology by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock worth $4,004,000 after purchasing an additional 1,629 shares in the last quarter. Janus Henderson Group PLC grew its position in GigaCloud Technology by 7.4% during the 4th quarter. Janus Henderson Group PLC now owns 28,217 shares of the company’s stock worth $523,000 after purchasing an additional 1,934 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in GigaCloud Technology by 9.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,956 shares of the company’s stock worth $444,000 after purchasing an additional 1,981 shares in the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Down 1.1%

GigaCloud Technology stock opened at $21.42 on Friday. The company’s fifty day simple moving average is $19.02 and its 200-day simple moving average is $17.42. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $29.94. The stock has a market cap of $815.46 million, a P/E ratio of 6.98 and a beta of 2.35.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data 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 net margin of 10.64% and a return on equity of 31.90%. The business had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. During the same quarter in the previous year, the business earned $0.84 EPS. GigaCloud Technology’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology declared that its board has initiated a stock repurchase program on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback programs are often 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.