Alliancebernstein L.P. Sells 2,410 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Alliancebernstein L.P. trimmed its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 9.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 22,150 shares of the company’s stock after selling 2,410 shares during the quarter. Alliancebernstein L.P.’s holdings in GigaCloud Technology were worth $410,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after purchasing an additional 274,506 shares during the last quarter. State Street Corp lifted its holdings in shares of GigaCloud Technology by 31.7% in the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock valued at $11,546,000 after buying an additional 121,037 shares during the period. Franklin Resources Inc. boosted its stake in shares of GigaCloud Technology by 49.5% in the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after buying an additional 135,726 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in GigaCloud Technology by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company’s stock valued at $4,004,000 after acquiring an additional 1,629 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in GigaCloud Technology by 5.1% in the fourth quarter. Empowered Funds LLC now owns 194,899 shares of the company’s stock valued at $3,610,000 after acquiring an additional 9,409 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Trading Up 5.6 %

NASDAQ GCT opened at $12.73 on Monday. The stock has a market cap of $510.04 million, a PE ratio of 4.03 and a beta of 2.12. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $41.31. The stock has a fifty day simple moving average of $15.44 and a 200-day simple moving average of $19.74.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly 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 firm had revenue of $295.78 million for the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. Research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

GigaCloud Technology announced that its Board of Directors has authorized a share buyback plan on Wednesday, April 2nd that permits the company to repurchase $16.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $32.00 to $15.00 in a research note on Tuesday, March 4th. Finally, Lake Street Capital lowered their price target on GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, March 4th. Two investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.67.

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.