Truvestments Capital LLC Sells 1,740 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Truvestments Capital LLC cut its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 10.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,456 shares of the company’s stock after selling 1,740 shares during the quarter. Truvestments Capital LLC’s holdings in GigaCloud Technology were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Segall Bryant & Hamill LLC bought a new stake in shares of GigaCloud Technology in the third quarter worth about $1,556,000. Principal Financial Group Inc. bought a new stake in shares of GigaCloud Technology in the third quarter worth about $1,442,000. Charles Schwab Investment Management Inc. grew its stake in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after purchasing an additional 158,033 shares during the last quarter. Lake Hills Wealth Management LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter worth about $332,000. Finally, Franklin Resources Inc. grew 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 purchasing an additional 135,726 shares during the last quarter. 34.94% of the stock is owned by institutional investors.

Insider Activity

In other GigaCloud Technology news, insider Marshall Bernes bought 5,000 shares of the stock in a transaction dated Friday, December 27th. The stock was purchased at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the acquisition, the insider now owns 45,000 shares of the company’s stock, valued at approximately $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Xin Wan sold 68,437 shares of the business’s stock in a transaction that occurred on 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 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. Company insiders own 43.00% of the company’s stock.

Wall Street Analyst Weigh In

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

GigaCloud Technology Price Performance

Shares of GCT opened at $14.43 on Thursday. GigaCloud Technology Inc. has a one year low of $13.60 and a one year high of $45.18. The company has a 50-day simple moving average of $19.17 and a two-hundred day simple moving average of $20.99. The firm has a market capitalization of $578.15 million, a PE ratio of 4.57 and a beta of 2.05.

GigaCloud Technology (NASDAQ:GCT) last released 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). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The business had revenue of $295.78 million for the quarter, compared to analysts’ expectations of $290.00 million. During the same quarter in the previous year, the business posted $0.87 earnings per share. Analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal 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.