GigaCloud Technology Inc. (NASDAQ:GCT) Stake Reduced by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. cut its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,130 shares of the company’s stock after selling 1,001 shares during the quarter. Cambridge Investment Research Advisors Inc. owned about 0.09% of GigaCloud Technology worth $1,069,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. CWM LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth about $30,000. Quarry LP acquired a new stake in GigaCloud Technology during the 4th quarter worth about $47,000. Csenge Advisory Group raised its holdings in GigaCloud Technology by 20.0% during the 2nd quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock worth $650,000 after buying an additional 3,569 shares during the period. Tucker Asset Management LLC raised its holdings in GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares during the period. Finally, Avantax Advisory Services Inc. raised its holdings in GigaCloud Technology by 86.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock worth $615,000 after buying an additional 10,659 shares during the period. 34.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Maxim Group assumed coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock.

GigaCloud Technology Price Performance

NASDAQ:GCT opened at $18.46 on Friday. The stock has a market cap of $753.11 million, a PE ratio of 7.18 and a beta of 1.82. The stock’s 50-day moving average is $26.18 and its two-hundred day moving average is $30.73. GigaCloud Technology Inc. has a fifty-two week low of $6.71 and a fifty-two week high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly 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 business had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The firm’s quarterly revenue was up 102.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 EPS. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 2.84 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In related news, Director Frank Hurst Lin sold 87,045 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $32.23, for a total value of $2,805,460.35. Following the completion of the sale, the director now owns 4,891,063 shares of the company’s stock, valued at approximately $157,638,960.49. The sale was disclosed in a document filed with the SEC, which is available at this link. In other GigaCloud Technology news, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the sale, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Hurst Lin sold 87,045 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $32.23, for a total value of $2,805,460.35. Following the sale, the director now directly owns 4,891,063 shares of the company’s stock, valued at approximately $157,638,960.49. The disclosure for this sale can be found here. In the last quarter, insiders sold 457,964 shares of company stock valued at $14,444,329. 43.00% of the stock is owned by corporate insiders.

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.