Bank of America Corp DE Buys 11,548 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Bank of America Corp DE lifted its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 61.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 30,274 shares of the company’s stock after purchasing an additional 11,548 shares during the period. Bank of America Corp DE’s holdings in GigaCloud Technology were worth $561,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in shares of GigaCloud Technology by 17.9% in the fourth quarter. Ameriprise Financial Inc. now owns 175,596 shares of the company’s stock worth $3,252,000 after buying an additional 26,637 shares during the last quarter. Algert Global LLC purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $817,000. Aptus Capital Advisors LLC lifted its holdings in GigaCloud Technology by 17.3% during the fourth quarter. Aptus Capital Advisors LLC now owns 120,332 shares of the company’s stock valued at $2,229,000 after purchasing an additional 17,752 shares in the last quarter. Jane Street Group LLC lifted its holdings in GigaCloud Technology by 1,599.5% during the fourth quarter. Jane Street Group LLC now owns 236,202 shares of the company’s stock valued at $4,374,000 after purchasing an additional 222,304 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in GigaCloud Technology by 7.9% during the fourth quarter. Northern Trust Corp now owns 219,514 shares of the company’s stock valued at $4,065,000 after purchasing an additional 16,063 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GCT. Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Lake Street Capital reduced their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Finally, Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th.

GigaCloud Technology Stock Down 1.7%

GCT stock opened at $18.60 on Wednesday. The stock has a market capitalization of $708.06 million, a price-to-earnings ratio of 5.89 and a beta of 2.35. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $34.28. The firm’s fifty day simple moving average is $15.23 and its two-hundred day simple moving average is $17.69.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, May 12th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.22. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The firm had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. During the same period in the previous year, the firm earned $0.84 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. As a group, equities research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology announced that its board has authorized a share buyback program on Wednesday, April 2nd that allows the company to repurchase $16.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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.