Harvest Fund Management Co. Ltd Invests $6.96 Million in GigaCloud Technology Inc. (NASDAQ:GCT)

Harvest Fund Management Co. Ltd bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 302,950 shares of the company’s stock, valued at approximately $6,956,000. Harvest Fund Management Co. Ltd owned approximately 0.73% of GigaCloud Technology at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank purchased a new stake in GigaCloud Technology in the 2nd quarter worth $25,000. MFA Wealth Advisors LLC purchased a new stake in shares of GigaCloud Technology in the third quarter worth about $26,000. New York State Teachers Retirement System purchased a new stake in shares of GigaCloud Technology in the third quarter worth about $49,000. Benjamin F. Edwards & Company Inc. bought a new position in GigaCloud Technology during the second quarter valued at approximately $66,000. Finally, Banque Cantonale Vaudoise grew its holdings in GigaCloud Technology by 345.6% during the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after buying an additional 5,651 shares in the last quarter. Institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GCT. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price objective for the company.

GigaCloud Technology Stock Performance

NASDAQ:GCT opened at $25.50 on Monday. The firm has a market capitalization of $1.04 billion, a PE ratio of 8.07 and a beta of 1.78. The stock’s fifty day moving average is $23.33 and its 200 day moving average is $26.34. GigaCloud Technology Inc. has a fifty-two week low of $8.70 and a fifty-two week high of $45.18.

GigaCloud Technology 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.