Kayne Anderson Rudnick Investment Management LLC Has $2.34 Million Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Kayne Anderson Rudnick Investment Management LLC reduced its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 126,104 shares of the company’s stock after selling 1,815 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in GigaCloud Technology were worth $2,335,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. US Bancorp DE increased its holdings in 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 buying an additional 1,000 shares during the period. Amundi acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $45,000. Heck Capital Advisors LLC bought a new position in GigaCloud Technology in the fourth quarter valued at approximately $79,000. KLP Kapitalforvaltning AS acquired a new position in GigaCloud Technology during the fourth quarter valued at approximately $89,000. Finally, CreativeOne Wealth LLC bought a new stake in GigaCloud Technology during the fourth quarter worth $185,000. Institutional investors own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GCT. Lake Street Capital dropped their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Roth Capital downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Roth Mkm cut shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $32.00 to $15.00 in a research 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GigaCloud Technology currently has a consensus rating of “Moderate Buy” and an average target price of $36.67.

GigaCloud Technology Trading Down 5.5 %

Shares of GCT stock opened at $12.03 on Tuesday. The firm has a market capitalization of $481.99 million, a price-to-earnings ratio of 3.81 and a beta of 2.12. The business’s 50-day moving average price is $15.28 and its 200-day moving average price is $19.62. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $41.31.

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

GigaCloud Technology declared that its Board of Directors has initiated a stock buyback program on Wednesday, April 2nd that authorizes the company to buyback $16.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership 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.