20,552 Shares in GigaCloud Technology Inc. $GCT Bought by Vise Technologies Inc.

Vise Technologies Inc. bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 20,552 shares of the company’s stock, valued at approximately $1,062,000.

Other institutional investors also recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $30,000. Meeder Asset Management Inc. purchased a new position in GigaCloud Technology in the first quarter worth $60,000. GAMMA Investing LLC boosted its position in GigaCloud Technology by 83.8% in the third quarter. GAMMA Investing LLC now owns 1,250 shares of the company’s stock worth $65,000 after purchasing an additional 570 shares during the last quarter. Archer Investment Corp bought a new position in GigaCloud Technology in the 1st quarter valued at $97,000. Finally, Pictet Asset Management Holding SA bought a new position in GigaCloud Technology in the 1st quarter valued at $203,000. 34.94% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Weiss Ratings raised GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Finally, Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat.com, GigaCloud Technology presently has an average rating of “Strong Buy”.

Insiders Place Their Bets

In other news, CTO Xin Wan sold 60,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the transaction, the chief technology officer owned 657,540 shares of the company’s stock, valued at $33,495,087.60. This represents a 8.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Zhiwu Chen sold 3,000 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the transaction, the director owned 21,057 shares of the company’s stock, valued at $1,118,547.84. The trade was a 12.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 122,000 shares of company stock valued at $6,377,204 over the last ninety days. 23.37% of the stock is currently owned by insiders.

GigaCloud Technology Price Performance

Shares of GCT stock opened at $58.37 on Monday. The company has a 50 day moving average of $55.08 and a 200-day moving average of $44.35. GigaCloud Technology Inc. has a 12-month low of $27.56 and a 12-month high of $67.18. The firm has a market cap of $2.08 billion, a P/E ratio of 12.55 and a beta of 1.61.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. GigaCloud Technology had a net margin of 10.89% and a return on equity of 32.33%. The company had revenue of $423.56 million for the quarter, compared to analysts’ expectations of $389.39 million. As a group, equities analysts expect that GigaCloud Technology Inc. will post 4.70 EPS for the current year.

Key Stories Impacting GigaCloud Technology

Here are the key news stories impacting GigaCloud Technology this week:

• Positive Sentiment: GigaCloud reported record quarterly revenue, net income and diluted EPS. Revenue was $423.6 million, ahead of the $389.4 million consensus estimate, and earnings also beat analyst expectations. Third-quarter financial results
• Positive Sentiment: Management forecast Q4 revenue of $425 million to $450 million, pointing to continued growth after Q3. Q4 revenue guidance
• Neutral Sentiment: The earnings call transcript provides additional management commentary, but the supplied article summaries do not give specific new details that would explain the share move. Q3 earnings call transcript
• Negative Sentiment: GCT traded lower despite the earnings beat and positive guidance. The available reports do not establish whether this reflected profit-taking, expectations already priced in, or another factor. GCT trading information

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ: GCT) operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company’s marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.