Virtu Financial LLC Invests $720,000 in GigaCloud Technology Inc. (NASDAQ:GCT)

Virtu Financial LLC bought a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 38,877 shares of the company’s stock, valued at approximately $720,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GCT. Teacher Retirement System of Texas acquired a new position in GigaCloud Technology in the fourth quarter valued at approximately $415,000. Intech Investment Management LLC bought a new stake in GigaCloud Technology in the fourth quarter valued at $189,000. Balboa Wealth Partners raised its holdings in shares of GigaCloud Technology by 22.4% during the fourth quarter. Balboa Wealth Partners now owns 11,320 shares of the company’s stock valued at $210,000 after purchasing an additional 2,070 shares during the period. PFG Advisors acquired a new position in shares of GigaCloud Technology during the fourth quarter valued at about $216,000. Finally, Amundi bought a new position in shares of GigaCloud Technology during the 4th quarter worth about $45,000. Institutional investors own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. 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 research report on Tuesday, March 4th. Lake Street Capital decreased their price objective on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Finally, Roth Capital cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GigaCloud Technology currently has an average rating of “Moderate Buy” and a consensus price target of $36.67.

Insiders Place Their Bets

In other news, insider Marshall Bernes bought 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The shares were purchased at an average price of $17.50 per share, with a total value of $87,500.00. Following the transaction, the insider now directly owns 45,000 shares in the company, valued at $787,500. This represents a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 43.00% of the company’s stock.

GigaCloud Technology Stock Performance

GCT stock opened at $15.69 on Tuesday. The business has a 50-day simple moving average of $18.41 and a two-hundred day simple moving average of $20.70. The company has a market capitalization of $628.64 million, a P/E ratio of 4.97 and a beta of 2.05. GigaCloud Technology Inc. has a 52-week low of $13.60 and a 52-week high of $41.31.

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

GigaCloud Technology 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.