GigaCloud Technology (NASDAQ:GCT) Shares Up 0.5%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price shot up 0.5% during trading on Wednesday . The company traded as high as $26.74 and last traded at $25.74. 817,887 shares changed hands during trading, a decline of 74% from the average session volume of 3,129,530 shares. The stock had previously closed at $25.60.

Wall Street Analyst Weigh In

Separately, Roth Mkm raised their price objective on GigaCloud Technology from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, December 7th.

GigaCloud Technology Trading Up 2.1 %

The company has a 50 day moving average price of $30.30 and a 200-day moving average price of $18.65. The company has a market cap of $1.09 billion, a P/E ratio of 11.62 and a beta of 2.40.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, Director Frank Hurst Lin sold 133,097 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was 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 of the company’s stock, valued at approximately $175,119,494.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold a total of 136,804 shares of company stock valued at $4,158,574 in the last 90 days. 45.30% of the stock is owned by corporate insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GCT. CWM LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $30,000. Quarry LP purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $47,000. State of Wyoming purchased a new position in GigaCloud Technology in the second quarter valued at approximately $27,000. Morgan Stanley purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $25,000. Finally, Royal Bank of Canada purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $108,000. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Company Profile

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.