US Bancorp DE Boosts Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

US Bancorp DE boosted its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 200.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,500 shares of the company’s stock after acquiring an additional 1,000 shares during the period. US Bancorp DE’s holdings in GigaCloud Technology were worth $28,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of GigaCloud Technology during the third quarter worth $51,000. Heck Capital Advisors LLC acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $79,000. Quarry LP increased its position in shares of GigaCloud Technology by 519.8% during the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after purchasing an additional 3,072 shares in the last quarter. Banque Cantonale Vaudoise increased its position in shares of GigaCloud Technology by 345.6% during the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock worth $167,000 after purchasing an additional 5,651 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $216,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $14.83 on Thursday. The stock’s fifty day moving average price is $18.64 and its 200 day moving average price is $20.79. GigaCloud Technology Inc. has a 1 year low of $13.60 and a 1 year high of $41.31. The company has a market cap of $594.18 million, a price-to-earnings ratio of 4.69 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The firm had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. During the same period in the previous year, the company earned $0.87 earnings per share. Research analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, insider Marshall Bernes bought 5,000 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were purchased at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the transaction, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $787,500. The trade was a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 43.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GCT. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital reduced their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

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.