Benjamin F. Edwards & Company Inc. Purchases New Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Benjamin F. Edwards & Company Inc. purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the 2nd quarter, HoldingsChannel reports. The fund purchased 2,180 shares of the company’s stock, valued at approximately $66,000.

Several other hedge funds have also made changes to their positions in the company. Empowered Funds LLC lifted its position in shares of GigaCloud Technology by 8.1% in the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock valued at $4,369,000 after acquiring an additional 12,278 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $2,803,000. Aptus Capital Advisors LLC purchased a new stake in GigaCloud Technology in the 2nd quarter worth approximately $2,663,000. Bank of New York Mellon Corp purchased a new stake in GigaCloud Technology in the 2nd quarter worth approximately $2,000,000. Finally, Tidal Investments LLC purchased a new stake in GigaCloud Technology in the 1st quarter worth approximately $1,731,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Trading Up 9.3 %

GCT stock opened at $23.76 on Friday. The firm has a market cap of $969.34 million, a PE ratio of 9.25 and a beta of 1.76. GigaCloud Technology Inc. has a 1 year low of $6.71 and a 1 year high of $45.18. The company has a fifty day simple moving average of $22.11 and a 200 day simple moving average of $28.95.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. The company 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 business’s quarterly revenue was up 102.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, analysts forecast that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GCT has been the subject of a number of research analyst reports. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology 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.