Picton Mahoney Asset Management Purchases New Position in GigaCloud Technology Inc. $GCT

Picton Mahoney Asset Management purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 32,267 shares of the company’s stock, valued at approximately $917,000.

Several other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of GigaCloud Technology by 91.4% during the first quarter. Royal Bank of Canada now owns 46,638 shares of the company’s stock worth $661,000 after buying an additional 22,273 shares in the last quarter. AQR Capital Management LLC raised its position in GigaCloud Technology by 355.1% in the 1st quarter. AQR Capital Management LLC now owns 99,669 shares of the company’s stock valued at $1,415,000 after purchasing an additional 77,769 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in GigaCloud Technology by 34.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,230 shares of the company’s stock worth $458,000 after purchasing an additional 8,274 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in GigaCloud Technology by 2,444.8% in the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock worth $60,000 after purchasing an additional 4,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of GigaCloud Technology by 24.9% during the first quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company’s stock worth $2,017,000 after purchasing an additional 28,309 shares during the last quarter. 34.94% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Lei Wu sold 70,000 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $45.28, for a total value of $3,169,600.00. Following the completion of the sale, the chief executive officer directly owned 608,090 shares of the company’s stock, valued at $27,534,315.20. This represents a 10.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Xin Wan sold 100,000 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the sale, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. This trade represents a 12.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 510,000 shares of company stock worth $21,938,581 in the last three months. Insiders own 24.71% of the company’s stock.

GigaCloud Technology Stock Performance

GCT opened at $42.76 on Friday. The company has a fifty day moving average price of $39.73 and a two-hundred day moving average price of $34.39. The firm has a market capitalization of $1.58 billion, a PE ratio of 11.81 and a beta of 2.24. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $48.00.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, February 26th. The company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.39. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The business had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. During the same period last year, the company earned $0.76 EPS. The firm’s revenue was up 22.6% on a year-over-year basis. Equities analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Analysts Set New Price Targets

GCT has been the subject of a number of research reports. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, GigaCloud Technology has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

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.