PFG Advisors Invests $216,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

PFG Advisors bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,676 shares of the company’s stock, valued at approximately $216,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of GCT. Principal Financial Group Inc. bought a new stake in GigaCloud Technology in the 3rd quarter worth approximately $1,442,000. Balboa Wealth Partners bought a new stake in GigaCloud Technology in the third quarter worth $213,000. Empowered Funds LLC raised its stake in GigaCloud Technology by 5.3% during the third quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock valued at $4,263,000 after purchasing an additional 9,380 shares in the last quarter. Banque Cantonale Vaudoise lifted its position in GigaCloud Technology by 345.6% during the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after purchasing an additional 5,651 shares during the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new position in shares of GigaCloud Technology in the 3rd quarter worth $1,556,000. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GCT shares. Roth Mkm cut shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Lake Street Capital cut their target price on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.67.

Insider Transactions at GigaCloud Technology

In other news, insider Marshall Bernes acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now directly owns 45,000 shares in the company, valued at $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Xin Wan sold 68,437 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the transaction, the chief technology officer now owns 1,563 shares in the company, valued at approximately $31,932.09. This represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 43.00% of the company’s stock.

GigaCloud Technology Price Performance

GigaCloud Technology stock opened at $14.93 on Friday. The firm has a market capitalization of $598.19 million, a P/E ratio of 4.72 and a beta of 2.05. GigaCloud Technology Inc. has a 1-year low of $13.60 and a 1-year high of $41.31. The company’s 50-day moving average is $18.98 and its 200 day moving average is $20.89.

GigaCloud Technology (NASDAQ:GCT) last issued 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 return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the previous year, the company posted $0.87 earnings per share. Research analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

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.