GigaCloud Technology (NASDAQ:GCT) Insider Sells 13,800 Shares of Company Stock

GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) insider Marshall Bernes sold 13,800 shares of the company’s stock in a transaction that occurred on Friday, September 25th. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00. Following the completion of the sale, the insider directly owned 7,150 shares of the company’s stock, valued at $388,316.50. The trade was a 65.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Marshall Bernes also recently made the following trade(s):

  • On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74.
  • On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.47, for a total transaction of $641,640.00.
  • On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00.
  • On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Stock Performance

GCT stock traded up $0.07 during midday trading on Friday, hitting $53.98. 584,260 shares of the company’s stock were exchanged, compared to its average volume of 652,586. GigaCloud Technology Inc. has a one year low of $25.39 and a one year high of $56.27. The company has a market cap of $1.93 billion, a PE ratio of 12.76 and a beta of 1.65. The stock’s fifty day moving average price is $48.89 and its 200-day moving average price is $42.64.

GigaCloud Technology (NASDAQ:GCT – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The company had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. On average, analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy”.

Read Our Latest Research Report on GCT

Institutional Trading of GigaCloud Technology

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of GigaCloud Technology by 252.3% during the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after buying an additional 338,269 shares in the last quarter. Tieton Capital Management LLC acquired a new position in GigaCloud Technology during the 2nd quarter worth approximately $6,257,000. First Trust Advisors LP boosted its position in GigaCloud Technology by 5.4% during the 1st quarter. First Trust Advisors LP now owns 102,014 shares of the company’s stock worth $4,629,000 after acquiring an additional 5,203 shares during the last quarter. Bank of America Corp DE boosted its position in GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after acquiring an additional 64,799 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of GigaCloud Technology during the 1st quarter worth approximately $3,576,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Company Profile

(Get Free Report)

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.

See Also

Insider Buying and Selling by Quarter for GigaCloud Technology (NASDAQ:GCT)

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