WT Asset Management Ltd Purchases New Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

WT Asset Management Ltd bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 122,000 shares of the company's stock, valued at approximately $2,804,000. GigaCloud Technology makes up approximately 0.6% of WT Asset Management Ltd's holdings, making the stock its 14th largest holding. WT Asset Management Ltd owned 0.30% of GigaCloud Technology at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new position in GigaCloud Technology in the 1st quarter valued at $599,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of GigaCloud Technology by 60.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company's stock worth $2,772,000 after purchasing an additional 34,318 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of GigaCloud Technology during the 2nd quarter worth about $2,000,000. Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology during the 2nd quarter valued at approximately $2,663,000. Finally, Tidal Investments LLC bought a new stake in GigaCloud Technology during the 1st quarter valued at approximately $1,731,000. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Trading Down 0.3 %

GCT traded down $0.06 on Friday, hitting $22.71. 661,824 shares of the stock traded hands, compared to its average volume of 2,246,574. GigaCloud Technology Inc. has a 52 week low of $8.28 and a 52 week high of $45.18. The firm has a market capitalization of $939.29 million, a PE ratio of 8.20 and a beta of 1.77. The business has a fifty day moving average price of $22.02 and a two-hundred day moving average price of $27.76.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.71 by $0.32. The company had revenue of $310.90 million for the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The firm's revenue for the quarter was up 102.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. On average, equities research analysts forecast that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Analysts Set New Price Targets

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