GigaCloud Technology (NASDAQ:GCT) Stock Price Down 4.9%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $25.82 and last traded at $26.34. Approximately 1,229,470 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 3,135,065 shares. The stock had previously closed at $27.71.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price target on shares of GigaCloud Technology from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, December 7th.

GigaCloud Technology Trading Up 2.2 %

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 11.37 and a beta of 2.40. The firm’s 50 day moving average price is $30.21 and its two-hundred day moving average price is $18.60.

Insider Transactions at GigaCloud Technology

In other news, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Frank Hurst Lin sold 133,097 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the sale, the director now owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold 136,804 shares of company stock worth $4,158,574 in the last ninety days. Insiders own 45.30% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors have recently made changes to their positions in the stock. PAX Financial Group LLC bought a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $141,000. Acadian Asset Management LLC bought a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $9,634,000. WINTON GROUP Ltd bought a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $258,000. New York State Common Retirement Fund bought a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $1,895,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $172,000. 34.94% of the stock is currently owned by institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.