GigaCloud Technology (NASDAQ:GCT) to Buyback $16.00 million in Outstanding Stock

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

GigaCloud Technology Price Performance

NASDAQ GCT opened at $13.77 on Friday. The company has a market cap of $551.71 million, a price-to-earnings ratio of 4.36 and a beta of 2.05. The stock’s fifty day moving average price is $17.58 and its 200 day moving average price is $20.51. GigaCloud Technology has a 1 year low of $13.60 and a 1 year high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results 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 analysts’ expectations of $290.00 million. During the same quarter in the previous year, the firm posted $0.87 EPS. Research analysts expect that GigaCloud Technology will post 3.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GCT has been the topic of a number of recent analyst reports. Roth Mkm downgraded 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. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Finally, Lake Street Capital cut their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

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.