Bank of New York Mellon Corp Has $1.90 Million Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Bank of New York Mellon Corp raised its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 99.8% in the 4th quarter, HoldingsChannel reports. The fund owned 102,698 shares of the company’s stock after buying an additional 51,310 shares during the quarter. Bank of New York Mellon Corp’s holdings in GigaCloud Technology were worth $1,902,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GCT. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in GigaCloud Technology in the 3rd quarter valued at about $51,000. Heck Capital Advisors LLC acquired a new position in GigaCloud Technology in the fourth quarter valued at approximately $79,000. Quarry LP boosted its stake in GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company’s stock valued at $84,000 after acquiring an additional 3,072 shares during the last quarter. Banque Cantonale Vaudoise boosted its stake in GigaCloud Technology by 345.6% in the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after acquiring an additional 5,651 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth $216,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Insiders Place Their Bets

In other GigaCloud Technology news, insider Marshall Bernes bought 5,000 shares of GigaCloud Technology stock in a transaction on 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 completion of the acquisition, the insider now owns 45,000 shares in the company, valued at approximately $787,500. The trade was a 12.50 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 43.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on GCT shares. Roth Mkm lowered 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. 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. Finally, Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.67.

GigaCloud Technology Stock Up 1.3 %

NASDAQ:GCT opened at $15.06 on Friday. GigaCloud Technology Inc. has a 12-month low of $13.60 and a 12-month high of $41.31. The firm has a market capitalization of $603.39 million, a P/E ratio of 4.77 and a beta of 2.05. The stock’s fifty day simple moving average is $18.46 and its 200-day simple moving average is $20.72.

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

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.