Second Line Capital LLC Acquires New Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Second Line Capital LLC bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 87,452 shares of the company’s stock, valued at approximately $2,660,000. GigaCloud Technology makes up approximately 0.8% of Second Line Capital LLC’s investment portfolio, making the stock its 24th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Amalgamated Bank acquired a new position in shares of GigaCloud Technology during the 2nd quarter valued at about $25,000. Quarry LP purchased a new position in GigaCloud Technology during the fourth quarter worth about $47,000. Benjamin F. Edwards & Company Inc. acquired a new position in GigaCloud Technology in the 2nd quarter valued at about $66,000. Tucker Asset Management LLC increased its position in shares of GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of GigaCloud Technology during the 2nd quarter worth $259,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Stock Up 9.3 %

Shares of NASDAQ GCT opened at $23.76 on Monday. The stock has a market capitalization of $969.34 million, a PE ratio of 9.25 and a beta of 1.76. The firm has a fifty day moving average of $22.01 and a 200-day moving average of $28.85. GigaCloud Technology Inc. has a 52-week low of $6.71 and a 52-week high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The firm had revenue of $310.90 million during the quarter, compared to the consensus estimate 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 earned $0.45 earnings per share. Equities research analysts expect that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on GCT. Aegis upgraded shares of 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 set a “buy” rating and a $50.00 price objective for the company.

About GigaCloud Technology

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.