Harvest Fund Management Co. Ltd Invests $6.96 Million in GigaCloud Technology Inc. (NASDAQ:GCT)

Harvest Fund Management Co. Ltd bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 302,950 shares of the company's stock, valued at approximately $6,956,000. Harvest Fund Management Co. Ltd owned about 0.73% of GigaCloud Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC acquired a new stake in GigaCloud Technology in the 3rd quarter valued at about $1,083,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in GigaCloud Technology by 60.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company's stock valued at $2,772,000 after purchasing an additional 34,318 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of GigaCloud Technology in the third quarter valued at $1,556,000. WT Asset Management Ltd acquired a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $2,804,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of GigaCloud Technology during the 2nd quarter worth about $2,000,000. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Up 0.4 %

Shares of NASDAQ GCT traded up $0.09 during mid-day trading on Monday, reaching $25.59. 905,296 shares of the company were exchanged, compared to its average volume of 2,211,018. The stock has a market capitalization of $1.05 billion, a PE ratio of 8.07 and a beta of 1.78. The company's 50 day moving average price is $23.33 and its 200 day moving average price is $26.25. GigaCloud Technology Inc. has a 52 week low of $8.70 and a 52 week high of $45.18.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GCT shares. Lake Street Capital assumed coverage on GigaCloud Technology in a report on Monday, July 29th. They issued a "buy" rating and a $50.00 price objective for the company. Aegis upgraded GigaCloud Technology to a "strong-buy" rating in a report on Wednesday, August 14th.

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.