Ritholtz Wealth Management Acquires 52,325 Shares of GigaCloud Technology Inc. $GCT

Ritholtz Wealth Management boosted its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 969.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,723 shares of the company’s stock after buying an additional 52,325 shares during the period. Ritholtz Wealth Management owned approximately 0.16% of GigaCloud Technology worth $2,619,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

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

GigaCloud Technology Price Performance

GCT opened at $32.06 on Friday. The company has a fifty day moving average price of $38.29 and a 200-day moving average price of $39.99. The firm has a market capitalization of $1.18 billion, a P/E ratio of 8.06 and a beta of 1.68. GigaCloud Technology Inc. has a one year low of $19.23 and a one year high of $51.86.

GigaCloud Technology (NASDAQ:GCT) last released 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. The firm had revenue of $359.49 million for the quarter, compared to analysts’ expectations of $342.57 million. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The business’s quarterly revenue was up 32.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. On average, analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current 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.