International Assets Investment Management LLC Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

International Assets Investment Management LLC bought a new stake in 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 fund bought 47,109 shares of the company's stock, valued at approximately $1,083,000. International Assets Investment Management LLC owned 0.12% of GigaCloud Technology at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Amalgamated Bank purchased a new position in shares of GigaCloud Technology in the 2nd quarter valued at $25,000. MFA Wealth Advisors LLC acquired a new position in shares of GigaCloud Technology in the third quarter valued at approximately $26,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $66,000. The Manufacturers Life Insurance Company acquired a new stake in GigaCloud Technology during the second quarter worth about $259,000. Finally, Creative Planning bought a new stake in GigaCloud Technology in the third quarter valued at about $207,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT traded up $0.25 during trading on Tuesday, reaching $22.94. 626,647 shares of the stock were exchanged, compared to its average volume of 2,230,436. The firm has a market cap of $948.80 million, a price-to-earnings ratio of 8.28 and a beta of 1.78. The firm's 50-day moving average price is $22.04 and its 200 day moving average price is $27.49. GigaCloud Technology Inc. has a 12-month low of $8.28 and a 12-month high of $45.18.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The firm had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. During the same quarter in the previous year, the company posted $0.45 EPS. The business's revenue for the quarter was up 102.8% compared to the same quarter last year. As a group, equities research analysts forecast that GigaCloud Technology Inc. will post 2.91 EPS for the current year.

Wall Street Analyst Weigh In

GCT has been the subject of several research analyst reports. Aegis upgraded GigaCloud Technology to a "strong-buy" rating in a research report on Wednesday, August 14th. 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 target for the company.

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.