GigaCloud Technology (NASDAQ:GCT) CEO Lei Wu Sells 20,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $41.34, for a total value of $826,800.00. Following the sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

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

• 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 value of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.39, for a total value of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.08, for a total value of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.36, for a total transaction of $847,200.00.

GigaCloud Technology Trading Down 2.8%

Shares of GigaCloud Technology stock opened at $40.41 on Friday. The firm has a fifty day simple moving average of $38.16 and a 200-day simple moving average of $30.58. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 12.10 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.

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

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in shares of GigaCloud Technology by 91.4% during the 1st quarter. Royal Bank of Canada now owns 46,638 shares of the company’s stock worth $661,000 after purchasing an additional 22,273 shares in the last quarter. AQR Capital Management LLC lifted its position 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 during the period. Jones Financial Companies Lllp boosted its stake in GigaCloud Technology by 2,444.8% during the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock worth $60,000 after buying an additional 4,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in GigaCloud Technology by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company’s stock valued at $2,017,000 after buying an additional 28,309 shares during the period. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GCT. Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Zacks Research raised GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.