GigaCloud Technology (NASDAQ:GCT) to Repurchase $16.00 million in Shares

GigaCloud Technology (NASDAQ:GCT) declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 2nd, RTT News reports. The company plans to buyback $16.00 million in shares. This buyback authorization permits the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

GigaCloud Technology Stock Down 3.3 %

GCT stock opened at $13.31 on Friday. The business has a fifty day moving average of $17.43 and a 200-day moving average of $20.49. The company has a market cap of $533.28 million, a P/E ratio of 4.21 and a beta of 2.05. GigaCloud Technology has a twelve month low of $11.85 and a twelve month high of $41.31.

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

Wall Street Analysts Forecast Growth

GCT has been the subject of a number of research reports. Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Lake Street Capital lowered their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $32.00 to $15.00 in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

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.