KBC Group NV Acquires New Position in GigaCloud Technology Inc. $GCT

KBC Group NV bought a new position in GigaCloud Technology Inc. (NASDAQ:GCT) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 38,338 shares of the company’s stock, valued at approximately $1,740,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GCT. Strs Ohio grew its holdings in shares of GigaCloud Technology by 3.7% during the first quarter. Strs Ohio now owns 11,100 shares of the company’s stock valued at $504,000 after buying an additional 400 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in GigaCloud Technology by 25.6% in 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 last quarter. SG Americas Securities LLC raised its holdings in GigaCloud Technology by 10.2% in the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after acquiring an additional 485 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in GigaCloud Technology by 14.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after acquiring an additional 759 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in GigaCloud Technology by 7.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,880 shares of the company’s stock valued at $585,000 after acquiring an additional 984 shares in the last quarter. Institutional investors own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Stock Up 0.9%

Shares of GCT stock opened at $36.09 on Friday. The company has a 50 day moving average price of $34.89 and a 200-day moving average price of $39.36. GigaCloud Technology Inc. has a 52 week low of $20.71 and a 52 week high of $51.86. The firm has a market capitalization of $1.33 billion, a PE ratio of 9.07 and a beta of 1.72.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Friday, May 8th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.17. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The company had revenue of $359.49 million for the quarter, compared to the consensus estimate of $342.57 million. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The firm’s revenue for the quarter was up 32.2% compared to the same quarter last year. Analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

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.