Empowered Funds LLC Grows Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Empowered Funds LLC increased its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 5.3% in the 3rd quarter, Holdings Channel reports. The firm owned 185,490 shares of the company’s stock after purchasing an additional 9,380 shares during the period. Empowered Funds LLC’s holdings in GigaCloud Technology were worth $4,263,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank acquired a new stake in GigaCloud Technology during the 2nd quarter worth $25,000. MFA Wealth Advisors LLC purchased 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 shares of GigaCloud Technology in the third quarter worth about $49,000. Benjamin F. Edwards & Company Inc. acquired a new position in GigaCloud Technology during the second quarter worth about $66,000. Finally, Creative Planning purchased a new stake in GigaCloud Technology during the 3rd quarter valued at about $207,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GCT shares. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 target price on the stock. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Trading Up 0.3 %

GigaCloud Technology stock opened at $20.86 on Monday. The company has a 50-day moving average price of $22.73 and a 200 day moving average price of $26.80. GigaCloud Technology Inc. has a 12-month low of $8.70 and a 12-month high of $45.18. The stock has a market cap of $862.77 million, a P/E ratio of 6.60 and a beta of 1.78.

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.