GigaCloud Technology Plunges 7.73% Despite Buyback Program

GigaCloud Technology's (GCT) stock price fell to its lowest level since December 2023 today, with an intraday decline of 7.73%.

GigaCloud Technology's recent stock price decline can be attributed to several factors. On April 2nd, the company announced a share buyback program, which is designed to reduce the number of outstanding shares and potentially increase shareholder value. This move is seen as a positive signal to investors, as it demonstrates the company's confidence in its future prospects. Additionally, the total repurchase authorization for GigaCloud Technology was increased to $62 million, further reinforcing the company's commitment to returning value to shareholders. This equity buyback plan is expected to boost investor sentiment and potentially stabilize the stock price in the coming days.