GigaCloud Technology Inc. $GCT Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 72.2% in the third quarter, Holdings Channel reports. The institutional investor owned 42,358 shares of the company’s stock after selling 109,954 shares during the period. ProShare Advisors LLC’s holdings in GigaCloud Technology were worth $2,189,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. KBC Group NV purchased a new position in GigaCloud Technology in the first quarter worth $1,740,000. Sei Investments Co. purchased a new stake in GigaCloud Technology in the 1st quarter worth about $2,786,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in GigaCloud Technology in the 2nd quarter valued at about $766,000. Cetera Investment Advisers increased its stake in shares of GigaCloud Technology by 55.2% in the first quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock worth $2,413,000 after purchasing an additional 18,914 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $3,576,000. 34.94% of the stock is owned by institutional investors.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 60,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total value of $3,056,400.00. Following the transaction, the chief technology officer owned 657,540 shares in the company, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $749,478.00. Following the transaction, the insider owned 7,150 shares of the company’s stock, valued at approximately $388,316.50. This represents a 65.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 127,000 shares of company stock worth $6,636,604 in the last ninety days. 23.37% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 12th. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Finally, Weiss Ratings upgraded GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy”.

GigaCloud Technology Stock Down 7.4%

Shares of NASDAQ GCT traded down $4.64 during trading hours on Friday, reaching $58.37. 928,468 shares of the stock traded hands, compared to its average volume of 658,090. The company’s 50-day simple moving average is $55.08 and its two-hundred day simple moving average is $44.35. The company has a market capitalization of $2.08 billion, a P/E ratio of 12.55 and a beta of 1.61. GigaCloud Technology Inc. has a 52-week low of $27.56 and a 52-week high of $67.18.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, November 5th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.61. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The company had revenue of $423.56 million during the quarter, compared to analysts’ expectations of $389.39 million. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 4.70 earnings per share for the current fiscal year.

GigaCloud Technology News Roundup

Here are the key news stories impacting GigaCloud Technology this week:

• Positive Sentiment: GigaCloud reported record quarterly revenue, net income and diluted EPS. Revenue was $423.6 million, ahead of the $389.4 million consensus estimate, and earnings also beat analyst expectations. Third-quarter financial results
• Positive Sentiment: Management forecast Q4 revenue of $425 million to $450 million, pointing to continued growth after Q3. Q4 revenue guidance
• Neutral Sentiment: The earnings call transcript provides additional management commentary, but the supplied article summaries do not give specific new details that would explain the share move. Q3 earnings call transcript
• Negative Sentiment: GCT traded lower despite the earnings beat and positive guidance. The available reports do not establish whether this reflected profit-taking, expectations already priced in, or another factor. GCT trading information

GigaCloud Technology Profile

GigaCloud Technology Inc (NASDAQ: GCT) operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company’s marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.