Geode Capital Management LLC Grows Stake in GigaCloud Technology Inc. $GCT

Geode Capital Management LLC lifted its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 9.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 630,805 shares of the company’s stock after purchasing an additional 52,415 shares during the quarter. Geode Capital Management LLC owned 1.66% of GigaCloud Technology worth $12,479,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Ameritas Advisory Services LLC purchased a new stake in GigaCloud Technology during the 2nd quarter valued at about $35,000. Russell Investments Group Ltd. lifted its stake in shares of GigaCloud Technology by 724.7% in the first quarter. Russell Investments Group Ltd. now owns 4,148 shares of the company’s stock worth $59,000 after buying an additional 3,645 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of GigaCloud Technology by 2,444.8% in the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock worth $60,000 after buying an additional 4,034 shares in the last quarter. Stratos Wealth Partners LTD. grew its holdings in shares of GigaCloud Technology by 5.6% during the second quarter. Stratos Wealth Partners LTD. now owns 10,945 shares of the company’s stock valued at $217,000 after buying an additional 585 shares during the last quarter. Finally, State of Wyoming bought a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $173,000. Institutional investors own 34.94% of the company’s stock.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 100,000 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $28.52, for a total value of $2,852,000.00. Following the transaction, the chief executive officer directly owned 60,000 shares in the company, valued at approximately $1,711,200. This trade represents a 62.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Xinyan Hao sold 100,000 shares of GigaCloud Technology stock in a transaction on Friday, November 21st. The stock was sold at an average price of $35.18, for a total transaction of $3,518,000.00. Following the transaction, the chief operating officer owned 407,486 shares in the company, valued at $14,335,357.48. This represents a 19.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 410,000 shares of company stock valued at $12,898,316. Corporate insiders own 24.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on GCT. Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 11th. Wall Street Zen cut GigaCloud Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of GigaCloud Technology in a report on Friday. Finally, Lake Street Capital lifted their price objective on GigaCloud Technology from $26.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, GigaCloud Technology has a consensus rating of “Hold” and an average price target of $24.00.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $38.84 on Wednesday. The business’s fifty day moving average price is $30.10 and its 200-day moving average price is $25.68. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 11.63 and a beta of 2.28. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $39.15.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.65 by $0.34. The company had revenue of $332.64 million during the quarter, compared to analyst estimates of $300.96 million. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.GigaCloud Technology’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 earnings per share. Equities research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its Board of Directors has approved a share buyback program on Monday, August 18th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are 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.