Thoroughbred Financial Services LLC Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

Thoroughbred Financial Services LLC bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 45,386 shares of the company’s stock, valued at approximately $1,212,000. Thoroughbred Financial Services LLC owned 0.11% of GigaCloud Technology as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James & Associates purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at $517,000. Ritholtz Wealth Management purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at $295,000. CWM LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at $30,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at $622,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at $226,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Roth Mkm lifted their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Maxim Group initiated coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price for the company.

GigaCloud Technology Price Performance

NASDAQ:GCT traded up $0.62 during trading hours on Tuesday, reaching $30.31. The company had a trading volume of 552,144 shares, compared to its average volume of 2,703,928. GigaCloud Technology Inc. has a 1-year low of $6.71 and a 1-year high of $45.18. The firm has a market cap of $1.24 billion, a PE ratio of 11.55 and a beta of 1.81. The business’s 50 day moving average price is $32.46 and its 200-day moving average price is $30.61.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. The company had revenue of $251.08 million during the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same period in the previous year, the company posted $0.39 earnings per share. On average, analysts expect that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Xinyan Hao sold 282,545 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the sale, the chief operating officer now directly owns 854,941 shares in the company, valued at $30,863,370.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other GigaCloud Technology news, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the transaction, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Xinyan Hao sold 282,545 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $36.10, for a total value of $10,199,874.50. Following the transaction, the chief operating officer now directly owns 854,941 shares in the company, valued at approximately $30,863,370.10. The disclosure for this sale can be found here. Insiders sold 1,404,956 shares of company stock worth $48,895,117 over the last three months. 43.00% of the stock is currently owned by corporate insiders.

GigaCloud Technology 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.