Bridgeway Capital Management LLC Buys 9,409 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Bridgeway Capital Management LLC increased its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 373,599 shares of the company’s stock after buying an additional 9,409 shares during the period. Bridgeway Capital Management LLC owned 0.91% of GigaCloud Technology worth $6,919,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GCT. Franklin Resources Inc. grew its position in GigaCloud Technology by 49.5% in the third 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 in the last quarter. Jane Street Group LLC increased its position in shares of GigaCloud Technology by 1,599.5% during the 4th quarter. Jane Street Group LLC now owns 236,202 shares of the company’s stock valued at $4,374,000 after purchasing an additional 222,304 shares during the last quarter. Northern Trust Corp raised its holdings in GigaCloud Technology by 7.9% during the 4th quarter. Northern Trust Corp now owns 219,514 shares of the company’s stock valued at $4,065,000 after buying an additional 16,063 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in GigaCloud Technology by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock worth $4,004,000 after buying an additional 1,629 shares during the period. Finally, Empowered Funds LLC raised its stake in shares of GigaCloud Technology by 5.1% in the fourth quarter. Empowered Funds LLC now owns 194,899 shares of the company’s stock valued at $3,610,000 after acquiring an additional 9,409 shares during the period. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Stock Performance

NASDAQ:GCT opened at $13.77 on Wednesday. The stock has a market capitalization of $551.71 million, a P/E ratio of 4.36 and a beta of 2.16. The company’s 50-day simple moving average is $13.94 and its 200-day simple moving average is $18.77. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $41.10.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (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 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 period in the prior year, the company earned $0.87 earnings per share. On average, research analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its board has initiated a share buyback program on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Lake Street Capital dropped their price objective 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 Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GigaCloud Technology has an average rating of “Moderate Buy” and an average target price of $36.67.

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.