GigaCloud Technology Inc. $GCT Position Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 8.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 310,383 shares of the company’s stock after selling 29,502 shares during the quarter. JPMorgan Chase & Co. owned 0.84% of GigaCloud Technology worth $8,815,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp grew its position in GigaCloud Technology by 184.6% in the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after acquiring an additional 589 shares in the last quarter. Quarry LP bought a new position in GigaCloud Technology during the third quarter valued at about $29,000. Larson Financial Group LLC acquired a new stake in shares of GigaCloud Technology in the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of GigaCloud Technology in the third quarter worth about $30,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after acquiring an additional 483 shares in the last quarter. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $41.59 on Monday. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $48.00. The stock has a market cap of $1.52 billion, a PE ratio of 11.49 and a beta of 2.24. The firm has a 50-day simple moving average of $40.28 and a 200 day simple moving average of $36.04.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Friday, February 27th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.39. The firm had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.76 earnings per share. Research analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GigaCloud Technology news, CEO Lei Wu sold 32,481 shares of GigaCloud Technology 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 $2,424,600. The trade was a 35.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Xin Wan sold 100,000 shares of the business’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 completion of the sale, the chief technology officer directly owned 717,540 shares in the company, valued at $31,126,885.20. This trade represents a 12.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 720,000 shares of company stock worth $30,760,672. 24.71% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.