ProShare Advisors LLC Has $3.93 Million Stake in GigaCloud Technology Inc. $GCT

ProShare Advisors LLC trimmed its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 21.4% in the fourth quarter, HoldingsChannel reports. The firm owned 100,035 shares of the company’s stock after selling 27,246 shares during the period. ProShare Advisors LLC’s holdings in GigaCloud Technology were worth $3,929,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hussman Strategic Advisors Inc. acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $3,578,000. Allspring Global Investments Holdings LLC increased its holdings in GigaCloud Technology by 497.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 158,798 shares of the company’s stock valued at $6,238,000 after purchasing an additional 132,238 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $952,000. CWA Asset Management Group LLC acquired a new stake in GigaCloud Technology during the 4th quarter valued at $2,150,000. Finally, Picton Mahoney Asset Management acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $917,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other GigaCloud Technology news, CEO Lei Wu sold 70,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $45.28, for a total value of $3,169,600.00. Following the transaction, the chief executive officer directly owned 608,090 shares in the company, valued at approximately $27,534,315.20. This trade represents a 10.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Xin Wan sold 100,000 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the transaction, the chief technology officer owned 717,540 shares in the company, valued at $31,126,885.20. The trade was a 12.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 598,090 shares of company stock worth $25,666,400 over the last quarter. Corporate insiders own 24.71% of the company’s stock.

GigaCloud Technology Stock Performance

Shares of GCT opened at $38.19 on Friday. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 9.60 and a beta of 1.83. The business’s fifty day moving average price is $43.02 and its two-hundred day moving average price is $39.90. GigaCloud Technology Inc. has a 52 week low of $17.11 and a 52 week high of $51.86.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Friday, May 8th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.17. The firm had revenue of $359.49 million for the quarter, compared to analyst estimates of $342.58 million. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The business’s quarterly revenue was up 32.2% compared to the same quarter last year. During the same period last year, the company earned $0.68 EPS. As a group, research analysts forecast that GigaCloud Technology Inc. will post 4.28 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on GCT. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of GigaCloud Technology in a report on Friday, April 24th. Wall Street Zen cut GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Finally, Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

GigaCloud Technology Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.