GigaCloud Technology Inc. $GCT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 55.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,509 shares of the company’s stock after selling 25,953 shares during the period. Principal Financial Group Inc.’s holdings in GigaCloud Technology were worth $582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB purchased a new position in GigaCloud Technology during the third quarter worth about $3,852,000. Hussman Strategic Advisors Inc. acquired a new position in shares of GigaCloud Technology in the 3rd quarter worth approximately $3,578,000. Teacher Retirement System of Texas acquired a new position in shares of GigaCloud Technology in the 3rd quarter worth approximately $952,000. Inspire Investing LLC purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $1,040,000. Finally, Ethos Financial Group LLC boosted its position in shares of GigaCloud Technology by 53.5% during the 2nd quarter. Ethos Financial Group LLC now owns 62,515 shares of the company’s stock worth $1,237,000 after purchasing an additional 21,798 shares during the period. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT opened at $35.40 on Friday. The business has a 50-day moving average of $39.63 and a two-hundred day moving average of $33.42. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.60 and a beta of 2.28. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $44.71.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the sale, the chief executive officer owned 678,090 shares of the company’s stock, valued at approximately $27,652,510.20. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Xinyan Hao sold 800 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $40.04, for a total transaction of $32,032.00. Following the sale, the chief operating officer owned 357,486 shares of the company’s stock, valued at $14,313,739.44. This represents a 0.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 171,910 shares of company stock valued at $7,097,748. 24.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GCT shares. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Wall Street Zen raised 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 issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.00.

GigaCloud Technology Company Profile

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.