Sierra Summit Advisors LLC Takes Position in GigaCloud Technology Inc. $GCT

Sierra Summit Advisors LLC purchased a new position in GigaCloud Technology Inc. (NASDAQ:GCT) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,735 shares of the company’s stock, valued at approximately $1,077,000.

Several other institutional investors have also made changes to their positions in GCT. Y Intercept Hong Kong Ltd grew its position in GigaCloud Technology by 407.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company’s stock valued at $2,395,000 after purchasing an additional 42,384 shares in the last quarter. Strs Ohio lifted its position in GigaCloud Technology by 3.7% in the 1st quarter. Strs Ohio now owns 11,100 shares of the company’s stock worth $504,000 after buying an additional 400 shares in the last quarter. Inspire Investing LLC lifted its position in GigaCloud Technology by 28.7% in the 1st quarter. Inspire Investing LLC now owns 39,018 shares of the company’s stock worth $1,771,000 after buying an additional 8,703 shares in the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of GigaCloud Technology during the 1st quarter valued at $203,000. Finally, Econ Financial Services Corp acquired a new stake in shares of GigaCloud Technology during the 1st quarter valued at $703,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Stock Performance

NASDAQ:GCT opened at $33.21 on Friday. The company has a market capitalization of $1.22 billion, a P/E ratio of 8.34 and a beta of 1.72. The stock’s 50 day moving average price is $36.95 and its 200 day moving average price is $39.80. GigaCloud Technology Inc. has a 52 week low of $19.61 and a 52 week high of $51.86.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, May 8th. The company reported $1.04 EPS 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 during the quarter, compared to the consensus estimate of $342.57 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The company’s revenue for the quarter was up 32.2% compared to the same quarter last year. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 4.18 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.