21,384 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Acquired by Bryce Point Capital LLC

Bryce Point Capital LLC bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 21,384 shares of the company’s stock, valued at approximately $396,000. Bryce Point Capital LLC owned about 0.05% of GigaCloud Technology at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. US Bancorp DE increased its stake in shares of GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Amundi purchased a new position in GigaCloud Technology in the 4th quarter worth approximately $45,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $51,000. Heck Capital Advisors LLC bought a new stake in shares of GigaCloud Technology during the fourth quarter valued at approximately $79,000. Finally, Quarry LP lifted its holdings in shares of GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after buying an additional 3,072 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GCT has been the subject of several research analyst reports. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Lake Street Capital reduced their target price on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, GigaCloud Technology presently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

GigaCloud Technology Stock Down 3.3 %

Shares of NASDAQ:GCT opened at $13.31 on Friday. The firm has a fifty day simple moving average of $17.43 and a two-hundred day simple moving average of $20.49. GigaCloud Technology Inc. has a 52 week low of $11.85 and a 52 week high of $41.31. The stock has a market capitalization of $533.28 million, a P/E ratio of 4.21 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The business had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. During the same period in the previous year, the business posted $0.87 EPS. On average, analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology announced that its board has authorized a stock buyback plan on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is 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.