Stock Buyback Program Declared by GigaCloud Technology (NASDAQ:GCT) Board

GigaCloud Technology (NASDAQ:GCT) declared that its board has approved a stock buyback plan on Wednesday, April 2nd, RTT News reports. The company plans to repurchase $16.00 million in shares. This repurchase authorization allows the company to buy up to 2.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

GigaCloud Technology Stock Up 0.1 %

NASDAQ GCT opened at $14.73 on Thursday. GigaCloud Technology has a 52 week low of $13.60 and a 52 week high of $41.31. The firm has a 50 day moving average of $17.73 and a two-hundred day moving average of $20.55. The stock has a market capitalization of $590.17 million, a PE ratio of 4.66 and a beta of 2.05.

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

Analyst Ratings Changes

Several brokerages recently weighed in on GCT. Lake Street Capital cut their target price on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, March 4th. Roth Capital cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, GigaCloud Technology currently has an average rating of “Moderate Buy” and an average price target of $36.67.

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.