70,400 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 70,400 shares of the company's stock, valued at approximately $1,304,000. Victory Capital Management Inc. owned about 0.17% of GigaCloud Technology at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. US Bancorp DE boosted its holdings in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after buying an additional 1,000 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $51,000. Quarry LP boosted its holdings in shares of GigaCloud Technology by 519.8% during the 3rd quarter. Quarry LP now owns 3,663 shares of the company's stock worth $84,000 after buying an additional 3,072 shares during the period. Heck Capital Advisors LLC bought a new stake in shares of GigaCloud Technology during the 4th quarter worth about $79,000. Finally, Banque Cantonale Vaudoise boosted its holdings in shares of GigaCloud Technology by 345.6% during the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company's stock worth $167,000 after buying an additional 5,651 shares during the period. Institutional investors and hedge funds own 34.94% of the company's stock.

Wall Street Analyst Weigh In

GCT has been the subject of a number of recent research reports. Roth Capital downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Roth Mkm downgraded shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and cut their price objective for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Lake Street Capital cut their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GigaCloud Technology currently has a consensus rating of "Moderate Buy" and an average target price of $36.67.

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Insider Activity

In related news, insider Marshall Bernes acquired 5,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the transaction, 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 through this hyperlink. Corporate insiders own 43.00% of the company's stock.

GigaCloud Technology Trading Up 1.3 %

NASDAQ GCT traded up $0.20 during trading on Friday, reaching $15.06. The company's stock had a trading volume of 1,420,780 shares, compared to its average volume of 1,651,834. The firm has a 50 day moving average price of $18.46 and a 200 day moving average price of $20.72. The firm has a market capitalization of $603.39 million, a price-to-earnings ratio of 4.77 and a beta of 2.05. GigaCloud Technology Inc. has a 12 month low of $13.60 and a 12 month high of $41.31.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). The firm had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same quarter in the previous year, the firm posted $0.87 earnings per share. On average, equities analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS 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.