Charles Schwab Investment Management Inc. Acquires 1,629 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Charles Schwab Investment Management Inc. increased its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 0.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,198 shares of the company’s stock after buying an additional 1,629 shares during the period. Charles Schwab Investment Management Inc.’s holdings in GigaCloud Technology were worth $4,004,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in GCT. Geode Capital Management LLC lifted its position in GigaCloud Technology by 90.7% during the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock worth $13,265,000 after purchasing an additional 274,506 shares during the period. Franklin Resources Inc. lifted its holdings in shares of GigaCloud Technology by 49.5% during the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after acquiring an additional 135,726 shares during the period. State Street Corp boosted its position in shares of GigaCloud Technology by 31.7% during the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after acquiring an additional 121,037 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of GigaCloud Technology by 446.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company’s stock worth $2,314,000 after acquiring an additional 82,250 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in GigaCloud Technology in the third quarter valued at approximately $1,442,000. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GCT. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Finally, Lake Street Capital decreased their target price on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, GigaCloud Technology presently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock opened at $15.34 on Thursday. The company’s 50 day moving average price is $18.26 and its two-hundred day moving average price is $20.66. The firm has a market capitalization of $614.61 million, a P/E ratio of 4.85 and a beta of 2.05. GigaCloud Technology Inc. has a fifty-two week low of $13.60 and a fifty-two week high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data 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 net margin of 11.75% and a return on equity of 40.32%. The firm had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. During the same period last year, the business earned $0.87 EPS. On average, analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Insider Activity

In other GigaCloud Technology news, insider Marshall Bernes purchased 5,000 shares of the company’s stock in a transaction dated Friday, December 27th. The stock was purchased at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now owns 45,000 shares of the company’s stock, valued at approximately $787,500. The trade was a 12.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 43.00% of the company’s stock.

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.