Bank of New York Mellon Corp Raises Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Bank of New York Mellon Corp lifted its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 99.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,698 shares of the company's stock after acquiring an additional 51,310 shares during the period. Bank of New York Mellon Corp owned 0.25% of GigaCloud Technology worth $1,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in GigaCloud Technology during the third quarter worth about $51,000. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $79,000. Quarry LP raised its holdings in GigaCloud Technology by 519.8% in the 3rd quarter. Quarry LP now owns 3,663 shares of the company's stock valued at $84,000 after buying an additional 3,072 shares during the period. Banque Cantonale Vaudoise raised its stake in shares of GigaCloud Technology by 345.6% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company's stock valued at $167,000 after acquiring an additional 5,651 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $216,000. Hedge funds and other institutional investors own 34.94% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on GCT shares. Roth Mkm lowered GigaCloud Technology from a "buy" rating to a "neutral" rating and cut 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 dropped 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 MarketBeat.com, GigaCloud Technology presently has an average rating of "Moderate Buy" and a consensus price target of $36.67.

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Insider Buying and Selling at GigaCloud Technology

In related news, insider Marshall Bernes acquired 5,000 shares of the stock in a transaction dated Friday, December 27th. The stock was bought at an average cost of $17.50 per share, with a total value of $87,500.00. Following the purchase, the insider now directly owns 45,000 shares of the company's stock, valued at approximately $787,500. This represents a 12.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 43.00% of the company's stock.

GigaCloud Technology Stock Performance

NASDAQ:GCT traded up $0.22 during mid-day trading on Tuesday, reaching $15.91. The stock had a trading volume of 587,361 shares, compared to its average volume of 1,642,694. The business has a 50 day simple moving average of $18.41 and a 200 day simple moving average of $20.70. GigaCloud Technology Inc. has a twelve month low of $13.60 and a twelve month high of $41.31. The firm has a market capitalization of $637.45 million, a price-to-earnings ratio of 5.03 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.14). The business had revenue of $295.78 million during the quarter, compared to analysts' expectations 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 last year, the firm earned $0.87 earnings per share. As a group, sell-side analysts expect that GigaCloud Technology Inc. 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.