Wells Fargo & Company MN Sells 6,985 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Wells Fargo & Company MN cut its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 32.3% in the fourth quarter, HoldingsChannel reports. The fund owned 14,655 shares of the company’s stock after selling 6,985 shares during the period. Wells Fargo & Company MN’s holdings in GigaCloud Technology were worth $271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its holdings in GigaCloud Technology by 49.5% in the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after purchasing an additional 135,726 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of GigaCloud Technology by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock worth $4,004,000 after buying an additional 1,629 shares in the last quarter. Empowered Funds LLC boosted its position in shares of GigaCloud Technology by 5.1% during the fourth quarter. Empowered Funds LLC now owns 194,899 shares of the company’s stock worth $3,610,000 after acquiring an additional 9,409 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of GigaCloud Technology by 24.7% during the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company’s stock worth $2,325,000 after acquiring an additional 24,866 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in GigaCloud Technology by 99.8% during the fourth quarter. Bank of New York Mellon Corp now owns 102,698 shares of the company’s stock valued at $1,902,000 after acquiring an additional 51,310 shares in the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Stock Up 4.3 %

Shares of NASDAQ:GCT opened at $13.77 on Wednesday. The firm has a fifty day simple moving average of $13.94 and a two-hundred day simple moving average of $18.77. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $41.10. The stock has a market capitalization of $551.71 million, a P/E ratio of 4.36 and a beta of 2.16.

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

GigaCloud Technology announced that its Board of Directors has initiated a share repurchase program on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

GCT has been the topic of several research analyst reports. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $32.00 to $15.00 in a research report on Tuesday, March 4th. Finally, Lake Street Capital cut their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GigaCloud Technology currently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

About GigaCloud Technology

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.