Truvestments Capital LLC Acquires 2,189 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Truvestments Capital LLC grew its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 14.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,196 shares of the company’s stock after buying an additional 2,189 shares during the quarter. Truvestments Capital LLC’s holdings in GigaCloud Technology were worth $395,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. International Assets Investment Management LLC acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $1,083,000. Segall Bryant & Hamill LLC purchased a new stake in shares of GigaCloud Technology in the third quarter worth approximately $1,556,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of GigaCloud Technology by 60.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of GigaCloud Technology during the third quarter valued at approximately $1,442,000. Finally, WT Asset Management Ltd purchased a new position in shares of GigaCloud Technology during the third quarter valued at approximately $2,804,000. 34.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on GCT shares. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 price objective on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th.

GigaCloud Technology Trading Down 0.0 %

Shares of GCT opened at $25.49 on Tuesday. The stock has a 50 day moving average of $23.33 and a 200 day moving average of $26.25. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 8.07 and a beta of 1.78. GigaCloud Technology Inc. has a 12 month low of $8.70 and a 12 month high of $45.18.

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.