NewEdge Wealth LLC Acquires 36,999 Shares of GigaCloud Technology Inc. $GCT

NewEdge Wealth LLC increased its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 150.3% during the first quarter, according to its most recent filing with the SEC. The fund owned 61,609 shares of the company’s stock after buying an additional 36,999 shares during the quarter. NewEdge Wealth LLC’s holdings in GigaCloud Technology were worth $2,796,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its holdings in GigaCloud Technology by 497.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 158,798 shares of the company’s stock worth $6,238,000 after buying an additional 132,238 shares during the last quarter. Ellsworth Advisors LLC purchased a new position in GigaCloud Technology in the fourth quarter valued at about $796,000. Massachusetts Financial Services Co. MA purchased a new position in GigaCloud Technology in the fourth quarter valued at about $626,000. Y Intercept Hong Kong Ltd grew its position in shares of GigaCloud Technology by 407.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company’s stock valued at $2,395,000 after acquiring an additional 42,384 shares during the period. Finally, Denali Advisors LLC grew its position in shares of GigaCloud Technology by 128.9% during the 4th quarter. Denali Advisors LLC now owns 38,224 shares of the company’s stock valued at $1,501,000 after acquiring an additional 21,524 shares during the period. Institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen downgraded GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $33.00.

GigaCloud Technology Stock Up 0.9%

NASDAQ GCT opened at $36.09 on Friday. The company has a market cap of $1.33 billion, a PE ratio of 9.07 and a beta of 1.72. GigaCloud Technology Inc. has a 52 week low of $20.71 and a 52 week high of $51.86. The firm’s 50-day simple moving average is $34.89 and its two-hundred day simple moving average is $39.36.

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