Aptus Capital Advisors LLC Purchases Shares of 87,552 GigaCloud Technology Inc. (NASDAQ:GCT)

Aptus Capital Advisors LLC purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 87,552 shares of the company’s stock, valued at approximately $2,663,000. Aptus Capital Advisors LLC owned approximately 0.21% of GigaCloud Technology as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of GCT. CWM LLC purchased a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $30,000. Quarry LP purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $47,000. Tucker Asset Management LLC raised its holdings in shares of GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $207,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at about $226,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GCT. Aegis raised GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital began coverage on GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Maxim Group began coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock.

Insider Buying and Selling

In related news, Director Frank Hurst Lin sold 93,211 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total transaction of $2,764,638.26. Following the transaction, the director now directly owns 4,219,582 shares in the company, valued at approximately $125,152,802.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Frank Hurst Lin sold 93,211 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total value of $2,764,638.26. Following the sale, the director now directly owns 4,219,582 shares in the company, valued at approximately $125,152,802.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Iman Aj Schrock sold 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Insiders have sold a total of 457,964 shares of company stock worth $14,444,329 in the last ninety days. 43.00% of the stock is owned by insiders.

GigaCloud Technology Price Performance

GCT opened at $19.44 on Monday. The stock’s 50 day simple moving average is $26.75 and its 200 day simple moving average is $31.00. GigaCloud Technology Inc. has a 1 year low of $6.71 and a 1 year high of $45.18. The firm has a market cap of $793.09 million, a price-to-earnings ratio of 7.56 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) 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 analyst estimates of $275.47 million. During the same period last year, the company earned $0.45 EPS. GigaCloud Technology’s revenue for the quarter was up 102.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that GigaCloud Technology Inc. will post 2.84 EPS 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.