GigaCloud Technology (NASDAQ:GCT) Sets New 1-Year Low – Time to Sell?

by · The Markets Daily

GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) shares reached a new 52-week low on Friday . The company traded as low as $12.46 and last traded at $12.58, with a volume of 263197 shares. The stock had previously closed at $13.77.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Lake Street Capital cut their price objective on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, March 4th. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Roth Capital lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

Check Out Our Latest Stock Analysis on GCT

GigaCloud Technology Stock Performance

The company has a market cap of $523.70 million, a P/E ratio of 4.11 and a beta of 2.05. The company has a fifty day moving average price of $17.58 and a two-hundred day moving average price of $20.51.

GigaCloud Technology (NASDAQ:GCT – Get Free Report) last released its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The company had revenue of $295.78 million during the quarter, compared to the consensus estimate of $290.00 million. During the same period in the prior year, the company earned $0.87 earnings per share. Research analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 2nd that permits the company to repurchase $16.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently modified their holdings of GCT. US Bancorp DE raised its stake in GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Amundi acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $45,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of GigaCloud Technology in the 3rd quarter valued at $51,000. Heck Capital Advisors LLC bought a new stake in GigaCloud Technology during the 4th quarter worth $79,000. Finally, Quarry LP increased its holdings in GigaCloud Technology by 519.8% in the 3rd quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after purchasing an additional 3,072 shares in the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

(Get Free Report)

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.

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