Strategic Blueprint LLC Cuts Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Strategic Blueprint LLC reduced its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 5.6% during the third quarter, HoldingsChannel reports. The firm owned 29,907 shares of the company’s stock after selling 1,767 shares during the period. Strategic Blueprint LLC’s holdings in GigaCloud Technology were worth $687,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GCT. Aptus Capital Advisors LLC purchased a new position in shares of GigaCloud Technology in the 2nd quarter worth about $2,663,000. Second Line Capital LLC bought a new stake in GigaCloud Technology in the 2nd quarter worth approximately $2,660,000. Bank of New York Mellon Corp purchased a new stake in GigaCloud Technology in the second quarter worth approximately $2,000,000. Tidal Investments LLC bought a new position in GigaCloud Technology during the first quarter valued at approximately $1,731,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of GigaCloud Technology during the second quarter worth approximately $1,595,000. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GCT has been the subject of a number of research reports. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital began coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock.

GigaCloud Technology Price Performance

Shares of GCT opened at $24.50 on Thursday. GigaCloud Technology Inc. has a one year low of $8.28 and a one year high of $45.18. The company has a 50-day simple moving average of $21.94 and a two-hundred day simple moving average of $27.82. The firm has a market capitalization of $999.53 million, a PE ratio of 9.53 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The company had revenue of $310.90 million during the quarter, compared to analysts’ expectations of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The firm’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Analysts expect that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

GigaCloud Technology Company 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.