GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC decreased its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 27.9% during the second quarter, Holdings Channel reports. The institutional investor owned 9,701 shares of the company’s stock after selling 3,758 shares during the quarter. Squarepoint Ops LLC’s holdings in GigaCloud Technology were worth $295,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology in the fourth quarter worth about $2,803,000. Aptus Capital Advisors LLC purchased a new position in GigaCloud Technology during the second quarter worth approximately $2,663,000. Bank of New York Mellon Corp acquired a new stake in GigaCloud Technology in the second quarter valued at approximately $2,000,000. Tidal Investments LLC purchased a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $1,731,000. Finally, Nomura Holdings Inc. acquired a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $991,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on GCT shares. Lake Street Capital started coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $25.24 on Friday. The business has a fifty day moving average price of $21.52 and a 200 day moving average price of $28.39. The company has a market cap of $1.03 billion, a P/E ratio of 9.82 and a beta of 1.77. GigaCloud Technology Inc. has a one year low of $7.71 and a one year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business had revenue of $310.90 million for the quarter, compared to analysts’ expectations of $275.47 million. During the same period in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 102.8% compared to the same quarter last year. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

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.