Allspring Global Investments Holdings LLC Acquires 132,238 Shares of GigaCloud Technology Inc. $GCT

Allspring Global Investments Holdings LLC increased its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 497.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,798 shares of the company’s stock after buying an additional 132,238 shares during the period. Allspring Global Investments Holdings LLC owned 0.43% of GigaCloud Technology worth $6,238,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of GCT. Arrowstreet Capital Limited Partnership bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $14,335,000. UBS Group AG boosted its holdings in GigaCloud Technology by 133.8% in the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after buying an additional 252,934 shares during the period. JPMorgan Chase & Co. boosted its holdings in GigaCloud Technology by 67.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after buying an additional 137,201 shares during the period. Nordea Investment Management AB bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $3,852,000. Finally, Hussman Strategic Advisors Inc. bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $3,578,000. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $45.54 on Tuesday. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $48.00. The stock has a market capitalization of $1.67 billion, a PE ratio of 12.58 and a beta of 2.14. The company’s 50 day simple moving average is $40.75 and its two-hundred day simple moving average is $36.66.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, February 27th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. The business had revenue of $362.75 million for the quarter, compared to analysts’ expectations of $332.33 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 EPS. On average, research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on GCT shares. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Finally, Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, GigaCloud Technology has a consensus rating of “Buy” and an average price target of $33.00.

Insider Buying and Selling at GigaCloud Technology

In other news, CEO Lei Wu sold 32,481 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $40.41, for a total transaction of $1,312,557.21. Following the sale, the chief executive officer owned 60,000 shares in the company, valued at approximately $2,424,600. This trade represents a 35.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Xin Wan sold 100,000 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the sale, the chief technology officer owned 717,540 shares in the company, valued at approximately $31,126,885.20. This trade represents a 12.23% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 720,000 shares of company stock worth $30,760,672. Corporate insiders own 24.71% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.