Globeflex Capital L P Makes New $1.56 Million Investment in GigaCloud Technology Inc. $GCT

by · The Markets Daily

Globeflex Capital L P bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 49,411 shares of the company’s stock, valued at approximately $1,561,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new stake in shares of GigaCloud Technology in the third quarter valued at about $29,000. Larson Financial Group LLC purchased a new position in GigaCloud Technology during the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in GigaCloud Technology in the third quarter valued at about $30,000. Tower Research Capital LLC TRC lifted its position in GigaCloud Technology by 25.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after purchasing an additional 483 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in GigaCloud Technology in the first quarter valued at about $60,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on GCT. Wall Street Zen cut GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.

Read Our Latest Research Report on GCT

GigaCloud Technology Stock Up 1.7%

Shares of NASDAQ GCT opened at $50.51 on Tuesday. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.94 and a beta of 1.65. GigaCloud Technology Inc. has a 52 week low of $25.15 and a 52 week high of $56.27. The firm has a 50-day moving average price of $40.30 and a 200 day moving average price of $40.42.

GigaCloud Technology (NASDAQ:GCT – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The company had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. Equities research analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Insider Activity at GigaCloud Technology

In related news, insider Marshall Bernes sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the insider directly owned 53,150 shares of the company’s stock, valued at $2,816,950. This trade represents a 15.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Xin Wan sold 60,000 shares of GigaCloud Technology stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total value of $3,056,400.00. Following the transaction, the chief technology officer directly owned 657,540 shares of the company’s stock, valued at approximately $33,495,087.60. This represents a 8.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 75,000 shares of company stock worth $3,845,800 in the last three months. Corporate insiders own 23.37% of the company’s stock.

About GigaCloud Technology

(Free Report)

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

Recommended Stories

Want to see what other hedge funds are holding GCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GigaCloud Technology Inc. (NASDAQ:GCT – Free Report).