GigaCloud Technology (NASDAQ:GCT) Shares Down 2% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) fell 2% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $34.20 and last traded at $34.38. 1,350,640 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 3,109,106 shares. The stock had previously closed at $35.09.

Specifically, CEO Lei Wu sold 44,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the sale, the chief executive officer now directly owns 1,105,816 shares of the company’s stock, valued at approximately $38,272,291.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GigaCloud Technology news, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the transaction, the chief executive officer now directly owns 1,105,816 shares in the company, valued at approximately $38,272,291.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now 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. In the last ninety days, insiders sold 550,287 shares of company stock valued at $16,328,105. 45.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Roth Mkm upped their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Trading Down 3.5 %

The stock has a market capitalization of $1.45 billion, a P/E ratio of 16.00 and a beta of 2.26. The business has a 50-day moving average price of $32.90 and a 200 day moving average price of $20.97.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The firm had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, sell-side analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC bought a new position in shares of GigaCloud Technology during the 4th quarter valued at approximately $30,000. Quarry LP bought a new stake in GigaCloud Technology in the fourth quarter worth $47,000. State of Wyoming bought a new stake in GigaCloud Technology in the second quarter worth $27,000. Morgan Stanley purchased a new position in GigaCloud Technology during the fourth quarter worth $25,000. Finally, Royal Bank of Canada bought a new position in GigaCloud Technology during the fourth quarter valued at $108,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Company Profile

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.