Xin Wan Sells 60,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 60,000 shares of GigaCloud Technology stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

GigaCloud Technology Stock Up 3.0%

GigaCloud Technology stock opened at $53.23 on Friday. The firm has a fifty day simple moving average of $37.83 and a two-hundred day simple moving average of $39.93. GigaCloud Technology Inc. has a twelve month low of $25.15 and a twelve month high of $56.27. The company has a market capitalization of $1.96 billion, a PE ratio of 12.58 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The firm had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. As a group, equities analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

Several large investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $29,000. Larson Financial Group LLC purchased a new stake in GigaCloud Technology in the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd bought a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $30,000. Wealth Enhancement Advisory Services LLC bought a new stake in GigaCloud Technology during the 4th quarter valued at approximately $44,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after acquiring an additional 483 shares during the period. Institutional investors own 34.94% of the company’s stock.

Analyst Ratings Changes

GCT has been the topic of several recent analyst reports. Wall Street Zen cut shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.