GigaCloud Technology (NASDAQ:GCT) Trading Down 4.6% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was down 4.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $31.66 and last traded at $32.24. Approximately 764,157 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 3,114,693 shares. The stock had previously closed at $33.79.

Specifically, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at $847,991.50. The disclosure for this sale can be found here. Insiders sold 461,287 shares of company stock valued at $13,340,395 in the last ninety days. Insiders own 45.30% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Roth Mkm raised their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Trading Down 6.1 %

The stock has a market capitalization of $1.29 billion, a P/E ratio of 13.80 and a beta of 2.26. The stock has a 50 day moving average of $32.41 and a 200-day moving average of $20.32.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. Research analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently bought and sold shares of GCT. UBS Group AG bought a new stake in GigaCloud Technology during the 3rd quarter valued at $61,000. Marshall Wace LLP purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at $1,425,000. Geode Capital Management LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at $102,000. Verition Fund Management LLC increased its holdings in shares of GigaCloud Technology by 123.8% in the 4th quarter. Verition Fund Management LLC now owns 73,789 shares of the company’s stock valued at $420,000 after acquiring an additional 40,824 shares during the period. Finally, Morgan Stanley purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at $25,000. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Company 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.