GigaCloud Technology (NASDAQ:GCT) Insider Marshall Bernes Sells 10,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 10,000 shares of GigaCloud Technology stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the transaction, the insider owned 53,150 shares in the company, valued at approximately $2,816,950. This represents a 15.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Marshall Bernes also recently made the following trade(s):

• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Stock Performance

Shares of GigaCloud Technology stock opened at $50.28 on Tuesday. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.89 and a beta of 1.65. GigaCloud Technology Inc. has a fifty-two week low of $25.15 and a fifty-two week high of $56.27. The stock has a 50 day moving average of $38.60 and a 200 day moving average of $40.08.

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

Institutional Trading of GigaCloud Technology

Several hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in GigaCloud Technology during the 3rd quarter worth about $29,000. Larson Financial Group LLC acquired a new stake in GigaCloud Technology in the 3rd quarter valued at about $30,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at about $30,000. Meeder Asset Management Inc. acquired a new position in shares of GigaCloud Technology during the first quarter worth about $60,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of GigaCloud Technology during the fourth quarter worth about $61,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on GCT. Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen lowered shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently 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.