Avantax Advisory Services Inc. bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,355 shares of the company’s stock, valued at approximately $226,000.
Several other large investors have also added to or reduced their stakes in the business. CWM LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at $30,000. PAX Financial Group LLC bought a new stake in GigaCloud Technology in the 3rd quarter valued at about $141,000. Ritholtz Wealth Management acquired a new position in GigaCloud Technology during the 4th quarter worth approximately $295,000. State of New Jersey Common Pension Fund D bought a new position in GigaCloud Technology in the third quarter worth approximately $172,000. Finally, Raymond James & Associates acquired a new stake in GigaCloud Technology in the fourth quarter valued at approximately $517,000. Institutional investors and hedge funds own 34.94% of the company’s stock.
GigaCloud Technology Stock Performance
GCT stock opened at $32.55 on Monday. The business has a 50-day simple moving average of $33.49 and a two-hundred day simple moving average of $25.96. The company has a market capitalization of $1.33 billion, a P/E ratio of 12.67 and a beta of 1.99. GigaCloud Technology Inc. has a 52-week low of $5.79 and a 52-week high of $45.18.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last announced its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.33. The company had revenue of $251.08 million for the quarter, compared to analysts’ expectations of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on GCT shares. Roth Mkm upped their target price on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group started coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock.
Check Out Our Latest Stock Analysis on GigaCloud Technology
Insider Transactions at GigaCloud Technology
In other GigaCloud Technology news, Director Frank Hurst Lin sold 40,134 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.21, for a total value of $1,453,252.14. Following the completion of the sale, the director now owns 5,394,931 shares in the company, valued at approximately $195,350,451.51. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at approximately $847,991.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Hurst Lin sold 40,134 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $36.21, for a total transaction of $1,453,252.14. Following the transaction, the director now owns 5,394,931 shares of the company’s stock, valued at approximately $195,350,451.51. The disclosure for this sale can be found here. Insiders sold a total of 1,453,279 shares of company stock worth $49,256,053 in the last quarter. 43.00% of the stock is currently owned by corporate insiders.
GigaCloud Technology Profile
(Free Report)
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.
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