Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells 1,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $32.23, for a total transaction of $32,230.00. Following the sale, the chief executive officer now directly owns 1,237,816 shares of the company’s stock, valued at approximately $39,894,809.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.56, for a total transaction of $1,432,640.00.
• On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00.
• On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $33.07, for a total transaction of $661,400.00.
• On Thursday, April 4th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00.
• On Monday, April 1st, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00.
• On Tuesday, March 26th, Lei Wu sold 6 shares of GigaCloud Technology stock. The shares were sold at an average price of $27.64, for a total transaction of $165.84.

GigaCloud Technology Stock Down 1.1 %

GigaCloud Technology stock traded down $0.38 during mid-day trading on Wednesday, hitting $34.71. The company had a trading volume of 2,387,945 shares, compared to its average volume of 3,125,042. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26. GigaCloud Technology Inc. has a 1 year low of $4.93 and a 1 year high of $45.18. The business has a fifty day moving average of $32.50 and a 200 day moving average of $20.58.

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of GCT. PAX Financial Group LLC purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $141,000. Acadian Asset Management LLC purchased a new stake in GigaCloud Technology in the 3rd quarter valued at about $9,634,000. Ritholtz Wealth Management purchased a new stake in GigaCloud Technology in the 4th quarter valued at about $295,000. WINTON GROUP Ltd purchased a new stake in GigaCloud Technology in the 3rd quarter valued at about $258,000. Finally, New York State Common Retirement Fund purchased a new stake in GigaCloud Technology in the 3rd quarter valued at about $1,895,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.