Principal Financial Group Inc. Purchases 17,514 Shares of GigaCloud Technology Inc. $GCT

Principal Financial Group Inc. increased its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 59.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,790 shares of the company’s stock after acquiring an additional 17,514 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of GigaCloud Technology worth $2,123,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GCT. Quarry LP purchased a new position in GigaCloud Technology in the third quarter worth $29,000. Larson Financial Group LLC acquired a new position in shares of GigaCloud Technology during the third quarter worth $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $30,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter valued at $44,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after purchasing an additional 483 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Up 1.5%

GigaCloud Technology stock opened at $42.21 on Friday. GigaCloud Technology Inc. has a 52 week low of $20.71 and a 52 week high of $51.86. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 10.61 and a beta of 1.72. The stock has a 50-day moving average price of $35.18 and a 200 day moving average price of $39.34.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Friday, May 8th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.17. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The company had revenue of $359.49 million for the quarter, compared to the consensus estimate of $342.57 million. During the same quarter in the prior year, the company earned $0.68 EPS. GigaCloud Technology’s quarterly revenue was up 32.2% on a year-over-year basis. Research analysts anticipate that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GCT. Wall Street Zen downgraded GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Finally, Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $33.00.

GigaCloud Technology Company 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.