Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO Sells $815,600.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the sale, the chief executive officer owned 678,090 shares of the company’s stock, valued at $27,652,510.20. This trade represents a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Lei Wu also recently made the following trade(s):

• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.26, for a total transaction of $8,454.60.
• On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.01, for a total transaction of $68,017.00.
• On Friday, January 16th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $41.34, for a total transaction of $826,800.00.
• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.94, for a total transaction of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.39, for a total transaction of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.08, for a total transaction of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.36, for a total transaction of $847,200.00.

GigaCloud Technology Stock Up 3.9%

Shares of NASDAQ:GCT opened at $42.08 on Friday. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $44.71. The company has a 50-day moving average price of $39.02 and a 200 day moving average price of $31.36. The company has a market cap of $1.56 billion, a P/E ratio of 12.60 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, November 6th. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.The business had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same period in the prior year, the business posted $1.15 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. Analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently weighed in on GCT. Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Wall Street Zen raised shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.00.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GCT. Jones Financial Companies Lllp lifted its stake in GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after buying an additional 589 shares in the last quarter. Quarry LP acquired a new position in shares of GigaCloud Technology in the third quarter worth $29,000. Larson Financial Group LLC purchased a new stake in shares of GigaCloud Technology in the third quarter valued at $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology in the third quarter valued at $30,000. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of GigaCloud Technology during the second quarter valued at $35,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.