Share Buyback Program Initiated by GigaCloud Technology (NASDAQ:GCT)

GigaCloud Technology (NASDAQ:GCT) declared that its Board of Directors has authorized a share buyback plan on Monday, August 18th, RTT News reports. The company plans to buyback $0.00 in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock opened at $32.13 on Tuesday. The business’s 50 day simple moving average is $22.11 and its two-hundred day simple moving average is $18.18. The stock has a market capitalization of $1.21 billion, a P/E ratio of 9.65 and a beta of 2.36. GigaCloud Technology has a one year low of $11.17 and a one year high of $34.50.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, August 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.45. GigaCloud Technology had a return on equity of 32.33% and a net margin of 11.17%. The firm had revenue of $322.61 million for the quarter, compared to analysts’ expectations of $290.08 million. During the same period in the previous year, the firm earned $1.03 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts expect that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Lake Street Capital raised their price objective on GigaCloud Technology from $26.00 to $33.00 and gave the company a “buy” rating in a report on Friday, August 8th.

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.