Denali Advisors LLC Buys New Shares in GigaCloud Technology Inc. $GCT

Denali Advisors LLC purchased a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) during the third quarter, Holdings Channel reports. The fund purchased 16,700 shares of the company’s stock, valued at approximately $474,000.

Other hedge funds have also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of GigaCloud Technology by 91.4% in the 1st quarter. Royal Bank of Canada now owns 46,638 shares of the company’s stock valued at $661,000 after purchasing an additional 22,273 shares during the period. AQR Capital Management LLC increased its holdings in GigaCloud Technology by 355.1% in the first quarter. AQR Capital Management LLC now owns 99,669 shares of the company’s stock worth $1,415,000 after purchasing an additional 77,769 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in GigaCloud Technology by 34.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,230 shares of the company’s stock worth $458,000 after purchasing an additional 8,274 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in GigaCloud Technology by 2,444.8% in the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock valued at $60,000 after buying an additional 4,034 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of GigaCloud Technology by 24.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company’s stock worth $2,017,000 after buying an additional 28,309 shares in the last quarter. 34.94% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $41.34, for a total value of $826,800.00. Following the transaction, the chief executive officer owned 700,000 shares of the company’s stock, valued at approximately $28,938,000. This trade represents a 2.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Xinyan Hao sold 100,000 shares of GigaCloud Technology stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $35.18, for a total value of $3,518,000.00. Following the transaction, the chief operating officer owned 407,486 shares of the company’s stock, valued at $14,335,357.48. This trade represents a 19.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,229 shares of company stock worth $11,539,589 over the last ninety days. Insiders own 24.71% of the company’s stock.

GigaCloud Technology Stock Up 3.3%

Shares of GCT opened at $35.23 on Tuesday. The business’s fifty day moving average is $39.86 and its 200 day moving average is $33.30. GigaCloud Technology Inc. has a 12-month low of $11.17 and a 12-month high of $44.71. The stock has a market cap of $1.31 billion, a P/E ratio of 10.55 and a beta of 2.28.

Analyst Upgrades and Downgrades

GCT has been the subject of several recent analyst reports. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Wall Street Zen raised shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, GigaCloud Technology presently has an average rating of “Moderate Buy” and an average price target of $24.00.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.