GigaCloud Technology (NASDAQ:GCT) Declares Share Buyback Plan

GigaCloud Technology (NASDAQ:GCT) announced that its board has approved a share repurchase plan on Wednesday, April 2nd, RTT News reports. The company plans to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

GigaCloud Technology Stock Up 0.1 %

Shares of GCT traded up $0.01 during mid-day trading on Wednesday, hitting $14.73. The company had a trading volume of 735,988 shares, compared to its average volume of 1,596,817. GigaCloud Technology has a 1-year low of $13.60 and a 1-year high of $41.31. The business’s 50-day simple moving average is $17.86 and its 200-day simple moving average is $20.59. The stock has a market cap of $590.17 million, a PE ratio of 4.66 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The company had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same quarter last year, the business earned $0.87 EPS. On average, sell-side analysts expect that GigaCloud Technology will post 3.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.