Balboa Wealth Partners Increases Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Balboa Wealth Partners increased its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 22.4% in the 4th quarter, Holdings Channel reports. The fund owned 11,320 shares of the company’s stock after buying an additional 2,070 shares during the quarter. Balboa Wealth Partners’ holdings in GigaCloud Technology were worth $210,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PFG Advisors purchased a new stake in GigaCloud Technology during the fourth quarter valued at about $216,000. Amundi purchased a new stake in GigaCloud Technology during the fourth quarter valued at about $45,000. Raymond James Financial Inc. purchased a new stake in GigaCloud Technology during the fourth quarter valued at about $349,000. Victory Capital Management Inc. purchased a new stake in GigaCloud Technology during the fourth quarter valued at about $1,304,000. Finally, Charles Schwab Investment Management Inc. boosted 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 buying an additional 1,629 shares during the period. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Marshall Bernes purchased 5,000 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The stock was bought at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now directly owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Xin Wan sold 68,437 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the completion of the transaction, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at approximately $31,932.09. The trade was a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 43.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Lake Street Capital cut their price target on shares of 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 Mkm lowered shares of 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 report on Tuesday, March 4th. Finally, Roth Capital lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

GigaCloud Technology Trading Up 4.0 %

Shares of NASDAQ:GCT opened at $14.93 on Friday. The company has a market cap of $598.19 million, a price-to-earnings ratio of 4.72 and a beta of 2.05. The company has a 50-day moving average price of $18.98 and a 200-day moving average price of $20.89. GigaCloud Technology Inc. has a 12 month low of $13.60 and a 12 month high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.14). The firm had revenue of $295.78 million for the quarter, compared to the consensus estimate 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 last year, the company posted $0.87 earnings per share. As a group, research analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

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.