38,877 Shares in GigaCloud Technology Inc. (NASDAQ:GCT) Purchased by Virtu Financial LLC

Virtu Financial LLC bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 38,877 shares of the company’s stock, valued at approximately $720,000. Virtu Financial LLC owned 0.09% of GigaCloud Technology as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. US Bancorp DE increased its stake in GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. Amundi acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at $45,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in GigaCloud Technology in the third quarter valued at about $51,000. Heck Capital Advisors LLC bought a new position in GigaCloud Technology in the fourth quarter valued at about $79,000. Finally, Quarry LP raised its stake in GigaCloud Technology by 519.8% during the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after acquiring an additional 3,072 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT opened at $15.69 on Tuesday. The company has a 50 day simple moving average of $18.41 and a 200 day simple moving average of $20.70. GigaCloud Technology Inc. has a 1 year low of $13.60 and a 1 year high of $41.31. The firm has a market cap of $628.64 million, a PE ratio of 4.97 and a beta of 2.05.

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

Insiders Place Their Bets

In other news, insider Marshall Bernes bought 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the transaction, the insider now owns 45,000 shares of the company’s stock, valued at $787,500. This trade represents a 12.50 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 43.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GCT shares. Roth Capital downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Roth Mkm lowered shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital decreased their target price on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $36.67.

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.