Truvestments Capital LLC Sells 1,740 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Truvestments Capital LLC lessened its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 10.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,456 shares of the company’s stock after selling 1,740 shares during the period. Truvestments Capital LLC’s holdings in GigaCloud Technology were worth $286,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GCT. Principal Financial Group Inc. bought a new stake in GigaCloud Technology in the 3rd quarter worth approximately $1,442,000. Aptus Capital Advisors LLC grew its position in shares of GigaCloud Technology by 17.2% during the 3rd quarter. Aptus Capital Advisors LLC now owns 102,580 shares of the company’s stock valued at $2,357,000 after acquiring an additional 15,028 shares during the period. Balboa Wealth Partners purchased a new stake in shares of GigaCloud Technology in the 3rd quarter worth $213,000. Empowered Funds LLC increased its stake in shares of GigaCloud Technology by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock worth $4,263,000 after purchasing an additional 9,380 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its stake in shares of GigaCloud Technology by 345.6% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock worth $167,000 after purchasing an additional 5,651 shares in the last quarter. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $14.43 on Thursday. GigaCloud Technology Inc. has a 52-week low of $13.60 and a 52-week high of $45.18. The firm has a market capitalization of $578.15 million, a PE ratio of 4.57 and a beta of 2.05. The stock has a fifty day simple moving average of $19.17 and a two-hundred day simple moving average of $20.99.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the previous year, the company posted $0.87 EPS. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Marshall Bernes acquired 5,000 shares of the company’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 acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CTO Xin Wan sold 68,437 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the transaction, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at $31,932.09. This trade represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. 43.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

GCT has been the subject of several analyst reports. Lake Street Capital reduced their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 4th. Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $32.00 to $15.00 in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $36.67.

About GigaCloud Technology

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.