Intech Investment Management LLC Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

Intech Investment Management LLC bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,182 shares of the company’s stock, valued at approximately $189,000.

Other hedge funds have also made changes to their positions in the company. US Bancorp DE increased its stake in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after buying an additional 1,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in GigaCloud Technology during the third quarter valued at $51,000. Amundi acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $45,000. Quarry LP increased its holdings in GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after buying an additional 3,072 shares during the last quarter. Finally, Heck Capital Advisors LLC bought a new position in GigaCloud Technology during the fourth quarter valued at approximately $79,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on GCT shares. Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital lowered their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a report 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.67.

GigaCloud Technology Price Performance

GigaCloud Technology stock opened at $15.92 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $13.60 and a fifty-two week high of $41.31. The firm has a fifty day moving average price of $18.18 and a two-hundred day moving average price of $20.63. The firm has a market cap of $637.85 million, a price-to-earnings ratio of 5.04 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last posted 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). The business had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. During the same period in the prior year, the firm posted $0.87 EPS. As a group, sell-side analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

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.