GigaCloud Technology (NASDAQ:GCT) Reaches New 52-Week Low – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $12.46 and last traded at $12.58, with a volume of 263197 shares changing hands. The stock had previously closed at $13.77.

Wall Street Analysts Forecast Growth

GCT has been the topic of a number of recent analyst reports. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Lake Street Capital reduced their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Two equities 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.67.

GigaCloud Technology Price Performance

The company has a market capitalization of $533.28 million, a PE ratio of 4.21 and a beta of 2.12. The stock’s 50 day simple moving average is $17.43 and its 200-day simple moving average is $20.51.

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

GigaCloud Technology declared that its Board of Directors has approved a share repurchase program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently bought and sold shares of the business. US Bancorp DE boosted its position in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after acquiring an additional 1,000 shares in the last quarter. Mariner LLC lifted its stake in GigaCloud Technology by 10.5% during the fourth quarter. Mariner LLC now owns 11,066 shares of the company’s stock worth $205,000 after purchasing an additional 1,056 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in GigaCloud Technology by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock valued at $4,004,000 after purchasing an additional 1,629 shares in the last quarter. Janus Henderson Group PLC increased its stake in GigaCloud Technology by 7.4% in the fourth quarter. Janus Henderson Group PLC now owns 28,217 shares of the company’s stock valued at $523,000 after purchasing an additional 1,934 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in GigaCloud Technology by 9.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,956 shares of the company’s stock worth $444,000 after purchasing an additional 1,981 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

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.