UBS Group AG lowered its holdings in GigaCloud Technology Inc. (NASDAQ:GCT – Free Report) by 51.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 215,188 shares of the company’s stock after selling 226,804 shares during the period. UBS Group AG’s holdings in GigaCloud Technology were worth $8,453,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in GigaCloud Technology by 18.2% in the third quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock worth $22,824,000 after purchasing an additional 123,596 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in GigaCloud Technology in the third quarter worth $14,335,000. Franklin Resources Inc. boosted its stake in GigaCloud Technology by 3.3% in the third quarter. Franklin Resources Inc. now owns 421,507 shares of the company’s stock worth $11,971,000 after purchasing an additional 13,547 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in GigaCloud Technology by 0.8% in the second quarter. Bridgeway Capital Management LLC now owns 380,656 shares of the company’s stock worth $7,529,000 after purchasing an additional 3,023 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in GigaCloud Technology by 67.7% in the second quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after purchasing an additional 137,201 shares in the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of GigaCloud Technology in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.
GigaCloud Technology Stock Performance
NASDAQ GCT opened at $36.06 on Monday. The stock has a 50-day simple moving average of $43.62 and a 200 day simple moving average of $39.66. The company has a market capitalization of $1.33 billion, a PE ratio of 9.06 and a beta of 1.83. GigaCloud Technology Inc. has a 12 month low of $17.11 and a 12 month high of $51.86.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.17. The business had revenue of $359.49 million during the quarter, compared to the consensus estimate of $342.58 million. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The firm’s revenue was up 32.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 earnings per share. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 4.28 earnings per share for the current fiscal year.
Insider Transactions at GigaCloud Technology
In related news, CTO Xin Wan sold 100,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the sale, the chief technology officer owned 717,540 shares in the company, valued at approximately $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Lei Wu sold 32,481 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $40.41, for a total value of $1,312,557.21. Following the completion of the sale, the chief executive officer owned 60,000 shares of the company’s stock, valued at $2,424,600. This represents a 35.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 598,090 shares of company stock valued at $25,666,400 in the last quarter. 24.71% of the stock is currently owned by corporate insiders.
GigaCloud Technology Company 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.
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