Algert Global LLC Invests $817,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

Algert Global LLC purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 44,090 shares of the company’s stock, valued at approximately $817,000. Algert Global LLC owned about 0.11% of GigaCloud Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in GCT. US Bancorp DE lifted its holdings in GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. Amundi acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $45,000. Heck Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the 4th quarter worth $79,000. KLP Kapitalforvaltning AS purchased a new stake in GigaCloud Technology in the 4th quarter valued at about $89,000. Finally, CreativeOne Wealth LLC acquired a new position in GigaCloud Technology in the fourth quarter valued at about $185,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

GCT has been the topic of several recent analyst reports. Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Lake Street Capital cut 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 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Trading Down 2.1 %

NASDAQ:GCT opened at $14.50 on Friday. The stock has a fifty day moving average price of $13.84 and a 200 day moving average price of $18.53. GigaCloud Technology Inc. has a 12-month low of $11.17 and a 12-month high of $38.68. The firm has a market cap of $580.96 million, a PE ratio of 4.59 and a beta of 2.16.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The company 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 earnings per share. Equities analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its board has approved a stock repurchase plan on Wednesday, April 2nd that allows the company to repurchase $16.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.