SG Americas Securities LLC Raises Stock Position in GigaCloud Technology Inc. $GCT

SG Americas Securities LLC raised its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 681.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,005 shares of the company’s stock after purchasing an additional 35,756 shares during the quarter. SG Americas Securities LLC’s holdings in GigaCloud Technology were worth $1,861,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Tower Research Capital LLC TRC raised its position 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 buying an additional 483 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in GigaCloud Technology by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock worth $166,000 after acquiring an additional 759 shares during the period. Price T Rowe Associates Inc. MD grew its position in GigaCloud Technology by 7.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,880 shares of the company’s stock worth $585,000 after acquiring an additional 984 shares during the period. Quarry LP purchased a new position in GigaCloud Technology in the third quarter worth approximately $29,000. Finally, Larson Financial Group LLC acquired a new stake in GigaCloud Technology during the third quarter worth $30,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Up 0.3%

GCT opened at $33.21 on Friday. GigaCloud Technology Inc. has a 52 week low of $19.61 and a 52 week high of $51.86. The business has a fifty day simple moving average of $36.95 and a 200-day simple moving average of $39.80. The firm has a market cap of $1.22 billion, a P/E ratio of 8.34 and a beta of 1.72.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, May 8th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.17. The firm had revenue of $359.49 million for the quarter, compared to the consensus estimate of $342.57 million. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The company’s quarterly revenue was up 32.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 EPS. Sell-side analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

About GigaCloud Technology

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.