GigaCloud Technology (NASDAQ:GCT) to Repurchase $16.00 million in Shares

GigaCloud Technology (NASDAQ:GCT) announced that its board has initiated a stock repurchase program on Wednesday, April 2nd, RTT News reports. The company plans to buyback $16.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Trading Down 3.3 %

NASDAQ GCT opened at $13.31 on Friday. The firm’s 50 day simple moving average is $17.43 and its 200 day simple moving average is $20.49. The firm has a market capitalization of $533.28 million, a price-to-earnings ratio of 4.21 and a beta of 2.05. GigaCloud Technology has a 1 year low of $11.85 and a 1 year high of $41.31.

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

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.