Massachusetts Financial Services Co. MA Purchases Shares of 15,942 GigaCloud Technology Inc. $GCT

Massachusetts Financial Services Co. MA purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 15,942 shares of the company’s stock, valued at approximately $626,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Tower Research Capital LLC TRC lifted its stake in GigaCloud Technology by 25.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after buying an additional 483 shares in the last quarter. SG Americas Securities LLC lifted its stake in GigaCloud Technology by 10.2% in the fourth quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock valued at $206,000 after buying an additional 485 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in GigaCloud Technology by 184.6% in the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after buying an additional 589 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in GigaCloud Technology by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after buying an additional 759 shares in the last quarter. Finally, Quarry LP bought a new position in GigaCloud Technology in the third quarter valued at approximately $29,000. Institutional investors own 34.94% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on GCT shares. Wall Street Zen raised shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Finally, Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $33.00.

Insiders Place Their Bets

In other news, CTO Xin Wan sold 100,000 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the sale, the chief technology officer owned 717,540 shares of the company’s stock, valued at $31,126,885.20. The trade was a 12.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Lei Wu sold 32,481 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $40.41, for a total transaction of $1,312,557.21. Following the completion of the sale, the chief executive officer directly owned 60,000 shares in the company, valued at approximately $2,424,600. This represents a 35.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 620,000 shares of company stock worth $26,558,472. 24.71% of the stock is currently owned by insiders.

GigaCloud Technology Stock Up 7.4%

Shares of GCT stock opened at $51.80 on Friday. The company’s fifty day simple moving average is $41.81 and its 200-day simple moving average is $37.57. The firm has a market cap of $1.90 billion, a PE ratio of 14.31 and a beta of 2.14. GigaCloud Technology Inc. has a 12 month low of $11.97 and a 12 month high of $51.86.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Friday, February 27th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. The business had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, equities analysts predict that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.