Legacy Bridge LLC Cuts Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Legacy Bridge LLC reduced its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 35.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 13,820 shares of the company’s stock after selling 7,435 shares during the period. Legacy Bridge LLC’s holdings in GigaCloud Technology were worth $318,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Empowered Funds LLC lifted its stake in shares of GigaCloud Technology by 5.3% during the third quarter. Empowered Funds LLC now owns 185,490 shares of the company’s stock worth $4,263,000 after purchasing an additional 9,380 shares in the last quarter. Balboa Wealth Partners acquired a new position in GigaCloud Technology during the 3rd quarter worth approximately $213,000. Aptus Capital Advisors LLC lifted its position in GigaCloud Technology by 17.2% during the 3rd quarter. Aptus Capital Advisors LLC now owns 102,580 shares of the company’s stock worth $2,357,000 after acquiring an additional 15,028 shares in the last quarter. Principal Financial Group Inc. purchased a new position in GigaCloud Technology in the 3rd quarter worth approximately $1,442,000. Finally, WT Asset Management Ltd acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $2,804,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Lake Street Capital assumed coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th.

GigaCloud Technology Stock Up 7.9 %

Shares of GCT opened at $22.51 on Tuesday. The firm has a market cap of $922.23 million, a price-to-earnings ratio of 7.12 and a beta of 1.78. The business’s 50 day moving average is $22.73 and its two-hundred day moving average is $26.76. GigaCloud Technology Inc. has a 52-week low of $8.70 and a 52-week high of $45.18.

GigaCloud Technology Company 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.