Kayne Anderson Rudnick Investment Management LLC Has $2.34 Million Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Kayne Anderson Rudnick Investment Management LLC reduced its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 1.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 126,104 shares of the company’s stock after selling 1,815 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.31% of GigaCloud Technology worth $2,335,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of GCT. US Bancorp DE lifted its stake in GigaCloud Technology by 200.0% in the 4th 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 in the last quarter. Amundi acquired a new position in GigaCloud Technology during the fourth quarter worth $45,000. Heck Capital Advisors LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $79,000. KLP Kapitalforvaltning AS bought a new position in GigaCloud Technology in the fourth quarter valued at $89,000. Finally, CreativeOne Wealth LLC acquired a new stake in GigaCloud Technology in the 4th quarter valued at $185,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

Shares of GCT opened at $12.03 on Tuesday. The firm has a market cap of $481.99 million, a P/E ratio of 3.81 and a beta of 2.12. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $41.31. The firm’s 50-day simple moving average is $15.28 and its 200 day simple moving average is $19.62.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share 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 firm had revenue of $295.78 million for the quarter, compared to the consensus estimate of $290.00 million. During the same quarter last year, the business posted $0.87 EPS. As a group, equities analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

GigaCloud Technology announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 2nd that allows the company to repurchase $16.00 million in shares. This repurchase authorization allows the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Lake Street Capital cut their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, GigaCloud Technology presently 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.