Principal Financial Group Inc. Makes New Investment in GigaCloud Technology Inc. (NASDAQ:GCT)

Principal Financial Group Inc. bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the third quarter, Holdings Channel.com reports. The institutional investor bought 62,760 shares of the company’s stock, valued at approximately $1,442,000.

Several other hedge funds and other institutional investors have also modified their holdings of GCT. WT Asset Management Ltd purchased a new position in GigaCloud Technology during the third quarter valued at approximately $2,804,000. Aptus Capital Advisors LLC purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at $2,663,000. Second Line Capital LLC acquired a new position in shares of GigaCloud Technology in the second quarter worth $2,660,000. Bank of New York Mellon Corp acquired a new position in shares of GigaCloud Technology in the second quarter worth $2,000,000. Finally, Tidal Investments LLC purchased a new stake in shares of GigaCloud Technology during the first quarter worth $1,731,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Aegis upgraded 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 issued a “buy” rating and a $50.00 price target for the company.

GigaCloud Technology Trading Up 5.7 %

GigaCloud Technology stock opened at $25.50 on Friday. The company has a market capitalization of $1.04 billion, a P/E ratio of 8.07 and a beta of 1.78. GigaCloud Technology Inc. has a 1-year low of $8.70 and a 1-year high of $45.18. The firm’s fifty day simple moving average is $23.33 and its 200-day simple moving average is $26.43.

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.