Empowered Funds LLC Raises Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Empowered Funds LLC boosted its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 5.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 185,490 shares of the company’s stock after purchasing an additional 9,380 shares during the period. Empowered Funds LLC owned about 0.45% of GigaCloud Technology worth $4,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology in the second quarter worth about $25,000. MFA Wealth Advisors LLC purchased a new stake in GigaCloud Technology in the 3rd quarter worth approximately $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology during the 3rd quarter worth approximately $49,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at approximately $66,000. Finally, Creative Planning acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at $207,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GCT has been the topic of several analyst reports. Lake Street Capital started coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price target on the stock. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT opened at $20.86 on Monday. The firm has a fifty day moving average of $22.73 and a 200 day moving average of $26.80. The firm has a market cap of $862.77 million, a PE ratio of 6.60 and a beta of 1.78. GigaCloud Technology Inc. has a one year low of $8.70 and a one year 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.