Pacific Ridge Capital Partners LLC Takes $669,000 Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Pacific Ridge Capital Partners LLC purchased a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 36,141 shares of the company’s stock, valued at approximately $669,000. Pacific Ridge Capital Partners LLC owned approximately 0.09% of GigaCloud Technology as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares during the period. Amundi purchased a new stake in GigaCloud Technology during the fourth quarter worth about $45,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in GigaCloud Technology during the third quarter worth about $51,000. Heck Capital Advisors LLC purchased a new position in GigaCloud Technology in the fourth quarter valued at about $79,000. Finally, Quarry LP lifted its position in shares of GigaCloud Technology by 519.8% during the 3rd quarter. Quarry LP now owns 3,663 shares of the company’s stock valued at $84,000 after acquiring an additional 3,072 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

GigaCloud Technology Stock Performance

GCT stock opened at $15.34 on Thursday. The stock’s 50 day moving average price is $18.26 and its 200 day moving average price is $20.66. The firm has a market cap of $614.61 million, a P/E ratio of 4.85 and a beta of 2.05. GigaCloud Technology Inc. has a 1 year low of $13.60 and a 1 year high of $41.31.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data 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). The company had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same quarter in the prior year, the company earned $0.87 earnings per share. On average, research analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Insiders Place Their Bets

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

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.