23,735 Shares in GigaCloud Technology Inc. $GCT Acquired by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,735 shares of the company’s stock, valued at approximately $1,077,000. Sierra Summit Advisors LLC owned about 0.06% of GigaCloud Technology at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GCT. Y Intercept Hong Kong Ltd grew its position in GigaCloud Technology by 407.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company’s stock worth $2,395,000 after buying an additional 42,384 shares during the last quarter. Strs Ohio lifted its position in shares of GigaCloud Technology by 3.7% during the 1st quarter. Strs Ohio now owns 11,100 shares of the company’s stock valued at $504,000 after acquiring an additional 400 shares during the last quarter. Inspire Investing LLC lifted its position in shares of GigaCloud Technology by 28.7% during the 1st quarter. Inspire Investing LLC now owns 39,018 shares of the company’s stock valued at $1,771,000 after acquiring an additional 8,703 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in shares of GigaCloud Technology during the 1st quarter valued at $203,000. Finally, Econ Financial Services Corp bought a new stake in shares of GigaCloud Technology during the 1st quarter worth $703,000. 34.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen cut GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $33.00.

GigaCloud Technology Stock Performance

GigaCloud Technology stock opened at $33.21 on Friday. The company has a 50 day moving average price of $36.95 and a 200 day moving average price of $39.80. GigaCloud Technology Inc. has a 52 week low of $19.61 and a 52 week high of $51.86. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 8.34 and a beta of 1.72.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, May 8th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.17. The firm had revenue of $359.49 million for the quarter, compared to analysts’ expectations of $342.57 million. GigaCloud Technology had a net margin of 10.77% and a return on equity of 31.48%. The company’s quarterly revenue was up 32.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. Equities analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

About GigaCloud Technology

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.