NewEdge Wealth LLC Has $2.80 Million Stock Holdings in GigaCloud Technology Inc. $GCT

NewEdge Wealth LLC raised its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 150.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,609 shares of the company’s stock after buying an additional 36,999 shares during the period. NewEdge Wealth LLC owned about 0.17% of GigaCloud Technology worth $2,796,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. LSV Asset Management increased its position in shares of GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company’s stock worth $28,934,000 after acquiring an additional 656,900 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $14,335,000. Dimensional Fund Advisors LP increased its holdings in GigaCloud Technology by 252.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after purchasing an additional 338,269 shares in the last quarter. UBS Group AG increased its holdings in GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock worth $12,553,000 after purchasing an additional 252,934 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of GigaCloud Technology by 67.7% in the second quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after purchasing an additional 137,201 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Stock Performance

GigaCloud Technology stock opened at $36.09 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $20.71 and a fifty-two week high of $51.86. The stock has a market cap of $1.33 billion, a PE ratio of 9.07 and a beta of 1.72. The firm’s 50-day simple moving average is $34.89 and its 200 day simple moving average is $39.36.

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

Wall Street Analyst Weigh In

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

GigaCloud Technology Profile

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.