Principal Financial Group Inc. acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 62,760 shares of the company's stock, valued at approximately $1,442,000. Principal Financial Group Inc. owned about 0.15% of GigaCloud Technology at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology in the second quarter worth $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of GigaCloud Technology in the third quarter worth $26,000. New York State Teachers Retirement System purchased a new stake in shares of GigaCloud Technology in the third quarter worth $49,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of GigaCloud Technology in the second quarter worth $66,000. Finally, Creative Planning purchased a new stake in shares of GigaCloud Technology in the third quarter worth $207,000. Hedge funds and other institutional investors own 34.94% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They issued a "buy" rating and a $50.00 target price on the stock. Aegis raised GigaCloud Technology to a "strong-buy" rating in a research note on Wednesday, August 14th.
Read Our Latest Report on GigaCloud Technology
GigaCloud Technology Price Performance
GCT traded up $1.38 on Friday, hitting $25.50. The company had a trading volume of 1,591,372 shares, compared to its average volume of 1,505,739. The stock has a fifty day simple moving average of $23.33 and a 200-day simple moving average of $26.34. GigaCloud Technology Inc. has a 52-week low of $8.70 and a 52-week high of $45.18. The firm has a market capitalization of $1.04 billion, a P/E ratio of 8.07 and a beta of 1.78.
GigaCloud Technology Profile
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Free Report)
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.
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