Empowered Funds LLC cut its holdings in GigaCloud Technology Inc. (NASDAQ:GCT – Free Report) by 82.4% during the first quarter, Holdings Channel reports. The firm owned 29,971 shares of the company’s stock after selling 140,110 shares during the quarter. Empowered Funds LLC’s holdings in GigaCloud Technology were worth $1,360,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of GCT. Quarry LP bought a new position in shares of GigaCloud Technology during the third quarter worth $29,000. Larson Financial Group LLC bought a new stake in GigaCloud Technology in the 3rd quarter valued at $30,000. Caitong International Asset Management Co. Ltd bought a new stake in GigaCloud Technology in the 3rd quarter valued at $30,000. Wealth Enhancement Advisory Services LLC purchased a new stake in GigaCloud Technology in the 4th quarter worth $44,000. Finally, Tower Research Capital LLC TRC lifted its stake in GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after purchasing an additional 483 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.
GigaCloud Technology Stock Up 1.6%
Shares of NASDAQ:GCT opened at $53.25 on Friday. The firm has a fifty day simple moving average of $36.38 and a two-hundred day simple moving average of $39.61. GigaCloud Technology Inc. has a 52 week low of $24.86 and a 52 week high of $56.27. The stock has a market capitalization of $1.96 billion, a P/E ratio of 12.59 and a beta of 1.65.
GigaCloud Technology News Roundup
Here are the key news stories impacting GigaCloud Technology this week:
- Positive Sentiment: Q2 results beat estimates: Revenue rose 27.6% year over year to $411.6 million, above the roughly $380.6 million consensus estimate, while diluted EPS of $1.16 exceeded estimates ranging from $0.85 to $0.90. Net income increased 22.3% to $42.3 million, and adjusted EBITDA climbed 39.5% to $60.4 million. GigaCloud Technology Q2 financial results
- Positive Sentiment: Margins and operating metrics improved: Gross margin expanded to 25.6% from 23.9% a year earlier. Marketplace GMV grew 21.3% to $1.74 billion over the latest 12 months, while third-party seller GMV rose 27.0%; active sellers and buyers increased 26.1% and 17.1%, respectively.
- Positive Sentiment: Guidance topped expectations: GigaCloud forecast third-quarter revenue of $375 million to $400 million, above the approximately $370.7 million analyst consensus, reinforcing expectations for continued growth. GigaCloud Q2 results and guidance
- Positive Sentiment: Buyback expanded: The company authorized a new three-year, $120 million share-repurchase program after buying back approximately $30 million of shares during the quarter and another $18 million after quarter-end. The move signals management’s confidence and could support per-share results. The earnings call also highlighted 66% European GMV growth and the integration of New Classic. GCT earnings call takeaways
- Neutral Sentiment: Key risks remain: Cash, restricted cash and investments declined 9.2% from year-end, partly reflecting acquisitions and repurchases. Net margin edged lower year over year despite higher profit, and reported insider activity included substantial selling with no purchases in the latest six months.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on GCT. Wall Street Zen lowered GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.
Check Out Our Latest Report on GCT
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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