Swiss National Bank Sells 2,500 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Swiss National Bank decreased its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 5.2% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 45,800 shares of the company’s stock after selling 2,500 shares during the period. Swiss National Bank’s holdings in GigaCloud Technology were worth $848,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of GCT. US Bancorp DE boosted its holdings in shares of GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after buying an additional 1,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in GigaCloud Technology in the third quarter worth about $51,000. Amundi purchased a new position in GigaCloud Technology in the fourth quarter valued at about $45,000. Quarry LP grew its position in shares of GigaCloud Technology by 519.8% during the 3rd 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 period. Finally, Heck Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $79,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Trading Down 5.1 %

GigaCloud Technology stock opened at $15.11 on Friday. The firm has a 50 day simple moving average of $18.09 and a 200 day simple moving average of $20.62. GigaCloud Technology Inc. has a 1-year low of $13.60 and a 1-year high of $41.31. The firm has a market capitalization of $605.40 million, a price-to-earnings ratio of 4.78 and a beta of 2.05.

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

Analyst Ratings Changes

GCT has been the topic of several research analyst reports. Lake Street Capital dropped their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.