Counterpoint Mutual Funds LLC Buys 19,735 Shares of GigaCloud Technology Inc. $GCT

Counterpoint Mutual Funds LLC bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) during the 3rd quarter, Holdings Channel reports. The firm bought 19,735 shares of the company’s stock, valued at approximately $1,020,000.

Other hedge funds have also bought and sold shares of the company. KBC Group NV bought a new stake in GigaCloud Technology during the 1st quarter worth approximately $1,740,000. Sei Investments Co. purchased a new position in GigaCloud Technology during the first quarter valued at approximately $2,786,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in GigaCloud Technology during the second quarter valued at approximately $766,000. Cetera Investment Advisers lifted its holdings in GigaCloud Technology by 55.2% during the first quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock valued at $2,413,000 after purchasing an additional 18,914 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in GigaCloud Technology during the first quarter valued at approximately $3,576,000. Institutional investors own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GCT. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Weiss Ratings upgraded shares of GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Finally, Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy”.

GigaCloud Technology Stock Down 3.4%

NASDAQ:GCT opened at $57.35 on Friday. The business’s 50-day simple moving average is $52.77 and its two-hundred day simple moving average is $43.98. GigaCloud Technology Inc. has a 52 week low of $25.39 and a 52 week high of $60.45. The stock has a market cap of $2.05 billion, a PE ratio of 13.56 and a beta of 1.64.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. Sell-side analysts anticipate that GigaCloud Technology Inc. will post 4.92 earnings per share for the current fiscal year.

Insider Activity at GigaCloud Technology

In related news, CTO Xin Wan sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total value of $3,056,400.00. Following the transaction, the chief technology officer directly owned 657,540 shares of the company’s stock, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marshall Bernes sold 13,800 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $54.31, for a total value of $749,478.00. Following the completion of the transaction, the insider directly owned 7,150 shares in the company, valued at approximately $388,316.50. This represents a 65.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 127,000 shares of company stock valued at $6,636,604. 23.37% of the stock is owned by company insiders.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.