NewEdge Advisors LLC Boosts Stake in GigaCloud Technology Inc. $GCT

NewEdge Advisors LLC boosted its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 100.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,983 shares of the company’s stock after buying an additional 11,532 shares during the quarter. NewEdge Advisors LLC owned 0.06% of GigaCloud Technology worth $1,043,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Quarry LP purchased a new stake in GigaCloud Technology during the third quarter valued at approximately $29,000. Larson Financial Group LLC bought a new stake in GigaCloud Technology during the third quarter valued at about $30,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of GigaCloud Technology in the third quarter valued at about $30,000. Meeder Asset Management Inc. bought a new position in shares of GigaCloud Technology in the first quarter worth about $60,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter worth about $61,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

NASDAQ:GCT opened at $50.28 on Tuesday. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.89 and a beta of 1.65. The business has a 50 day simple moving average of $38.60 and a 200-day simple moving average of $40.08. GigaCloud Technology Inc. has a 1 year low of $25.15 and a 1 year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The company had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. As a group, analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Insider Transactions at GigaCloud Technology

In related news, insider Marshall Bernes sold 10,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the sale, the insider directly owned 53,150 shares of the company’s stock, valued at $2,816,950. This represents a 15.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Xin Wan sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 75,000 shares of company stock valued at $3,845,800. 23.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

GCT has been the topic of several recent analyst reports. 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 downgraded shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Finally, Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

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.