PFG Advisors Makes New $216,000 Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

PFG Advisors purchased a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 11,676 shares of the company’s stock, valued at approximately $216,000.

Other large investors have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd bought a new stake in GigaCloud Technology during the 3rd quarter valued at about $6,956,000. Geode Capital Management LLC increased its position in shares of GigaCloud Technology by 90.7% during the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after acquiring an additional 274,506 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in GigaCloud Technology by 279.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after acquiring an additional 158,033 shares during the last quarter. Franklin Resources Inc. lifted its position in GigaCloud Technology by 49.5% in the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock valued at $10,164,000 after acquiring an additional 135,726 shares in the last quarter. Finally, State Street Corp boosted its stake in GigaCloud Technology by 31.7% during the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock valued at $11,546,000 after purchasing an additional 121,037 shares during the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Roth Capital cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Lake Street Capital decreased their target price on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of 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 report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $36.67.

GigaCloud Technology Stock Performance

GigaCloud Technology stock opened at $14.93 on Friday. GigaCloud Technology Inc. has a one year low of $13.60 and a one year high of $41.31. The stock has a fifty day moving average of $18.98 and a 200 day moving average of $20.89. The stock has a market cap of $598.19 million, a PE ratio of 4.72 and a beta of 2.05.

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

Insider Transactions at GigaCloud Technology

In other news, insider Marshall Bernes bought 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the purchase, the insider now owns 45,000 shares in the company, valued at $787,500. This represents a 12.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Xin Wan sold 68,437 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the completion of the transaction, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at $31,932.09. This represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 43.00% of the company’s stock.

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.