Share Buyback Program Declared by GigaCloud Technology (NASDAQ:GCT)

GigaCloud Technology (NASDAQ:GCT) declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 2nd, RTT News reports. The company plans to repurchase $16.00 million in shares. This repurchase authorization allows the company to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

GCT has been the topic of a number of recent analyst reports. Roth Capital lowered 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 target on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $15.00 in a research note 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, GigaCloud Technology has an average rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Stock Up 0.1 %

Shares of GCT traded up $0.01 during mid-day trading on Wednesday, hitting $14.73. The stock had a trading volume of 735,988 shares, compared to its average volume of 1,596,817. The company has a market cap of $590.17 million, a PE ratio of 4.66 and a beta of 2.05. GigaCloud Technology has a fifty-two week low of $13.60 and a fifty-two week high of $41.31. The company’s fifty day simple moving average is $17.86 and its two-hundred day simple moving average is $20.59.

GigaCloud Technology (NASDAQ:GCT) last released its 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 business had revenue of $295.78 million for the quarter, compared to the consensus estimate of $290.00 million. During the same quarter in the previous year, the firm earned $0.87 EPS. Equities analysts expect that GigaCloud Technology will post 3.1 earnings per share for the current year.

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.