Harvest Fund Management Co. Ltd Takes Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Harvest Fund Management Co. Ltd purchased a new position in GigaCloud Technology Inc. (NASDAQ:GCT) during the 3rd quarter, HoldingsChannel.com reports. The firm purchased 302,950 shares of the company’s stock, valued at approximately $6,956,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank purchased a new stake in GigaCloud Technology in the second quarter worth $25,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology in the third quarter worth about $26,000. New York State Teachers Retirement System purchased a new position in GigaCloud Technology in the 3rd quarter worth about $49,000. Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology during the 2nd quarter valued at about $66,000. Finally, Banque Cantonale Vaudoise boosted its position in GigaCloud Technology by 345.6% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after buying an additional 5,651 shares during the period. 34.94% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on GCT shares. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital started 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.

GigaCloud Technology Stock Performance

NASDAQ:GCT opened at $25.50 on Monday. The firm has a 50-day simple moving average of $23.33 and a 200-day simple moving average of $26.34. GigaCloud Technology Inc. has a one year low of $8.70 and a one year high of $45.18. The firm has a market cap of $1.04 billion, a P/E ratio of 8.07 and a beta of 1.78.

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.