NewEdge Advisors LLC Acquires 11,532 Shares of GigaCloud Technology Inc. $GCT

NewEdge Advisors LLC grew its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 100.7% in the first quarter, Holdings Channel reports. The firm owned 22,983 shares of the company’s stock after acquiring an additional 11,532 shares during the period. NewEdge Advisors LLC’s holdings in GigaCloud Technology were worth $1,043,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Arete Wealth Advisors LLC lifted its holdings in GigaCloud Technology by 6.7% during the 1st quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after buying an additional 945 shares in the last quarter. Bank of America Corp DE increased its position in shares of GigaCloud Technology by 184.3% during the first quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after acquiring an additional 64,799 shares during the period. Amundi purchased a new position in shares of GigaCloud Technology during the first quarter worth approximately $254,000. California State Teachers Retirement System raised its stake in shares of GigaCloud Technology by 16.2% during the first quarter. California State Teachers Retirement System now owns 29,284 shares of the company’s stock valued at $1,329,000 after acquiring an additional 4,092 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of GigaCloud Technology by 53.8% during the first quarter. The Manufacturers Life Insurance Company now owns 10,600 shares of the company’s stock valued at $481,000 after acquiring an additional 3,707 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Trading Down 3.1%

Shares of NASDAQ:GCT opened at $50.28 on Tuesday. GigaCloud Technology Inc. has a 12-month low of $25.15 and a 12-month high of $56.27. The business’s fifty day simple moving average is $38.60 and its 200-day simple moving average is $40.08. The company has a market capitalization of $1.80 billion, a PE ratio of 11.89 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The firm had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. Research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Insider Transactions at GigaCloud Technology

In other news, insider Marshall Bernes sold 10,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the insider owned 53,150 shares of the company’s stock, valued at $2,816,950. The trade was a 15.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Xin Wan sold 60,000 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the transaction, the chief technology officer directly owned 657,540 shares in the company, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 75,000 shares of company stock worth $3,845,800 over the last 90 days. Company insiders own 23.37% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on GCT shares. Wall Street Zen cut GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.