SG Americas Securities LLC Grows Stake in GigaCloud Technology Inc. $GCT

SG Americas Securities LLC boosted its holdings in shares of 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 institutional investor owned 41,005 shares of the company’s stock after buying an additional 35,756 shares during the period. SG Americas Securities LLC owned approximately 0.11% of GigaCloud Technology worth $1,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Tower Research Capital LLC TRC lifted its position in GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after acquiring an additional 483 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of GigaCloud Technology by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after purchasing an additional 759 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of 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 purchasing an additional 984 shares during the last quarter. Quarry LP purchased a new position in shares of GigaCloud Technology in the third quarter worth about $29,000. Finally, Larson Financial Group LLC acquired a new stake in shares of GigaCloud Technology during the third quarter worth about $30,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT opened at $33.21 on Friday. The business’s 50 day moving average price is $36.95 and its 200-day moving average price is $39.80. The firm has a market capitalization of $1.22 billion, a PE ratio of 8.34 and a beta of 1.72. GigaCloud Technology Inc. has a 1 year low of $19.61 and a 1 year high of $51.86.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on GCT. Zacks Research downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Wall Street Zen cut shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. 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 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, the company has an average rating of “Hold” and an average target price 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.