California State Teachers Retirement System Has $402,000 Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

California State Teachers Retirement System lessened its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 6.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,711 shares of the company’s stock after selling 1,540 shares during the quarter. California State Teachers Retirement System’s holdings in GigaCloud Technology were worth $402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE raised its stake in shares of GigaCloud Technology by 200.0% in the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after purchasing an additional 1,000 shares during the period. Amundi acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $45,000. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $79,000. KLP Kapitalforvaltning AS acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $89,000. Finally, CreativeOne Wealth LLC acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $185,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GCT. Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price target for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Roth Capital downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Lake Street Capital decreased their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, March 4th.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT opened at $18.74 on Thursday. The stock has a market capitalization of $713.39 million, a price-to-earnings ratio of 5.93 and a beta of 2.35. The business has a 50-day moving average of $15.34 and a 200-day moving average of $17.70. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $34.28.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.22. The company had revenue of $271.91 million during the quarter, compared to analysts’ expectations of $259.80 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. GigaCloud Technology’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.84 EPS. On average, sell-side analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology declared that its Board of Directors has authorized a stock buyback plan on Wednesday, April 2nd that authorizes the company to repurchase $16.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

GigaCloud Technology Profile

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.