GigaCloud Technology (NASDAQ:GCT) Insider Sells $641,640.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 12,000 shares of the firm’s stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00. Following the completion of the sale, the insider directly owned 41,150 shares of the company’s stock, valued at approximately $2,200,290.50. This represents a 22.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The stock was sold at an average price of $54.31, for a total transaction of $749,478.00.
• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.58, for a total value of $841,366.74.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.00, for a total value of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT opened at $53.98 on Friday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.76 and a beta of 1.65. The stock has a 50 day moving average price of $48.89 and a 200-day moving average price of $42.64. GigaCloud Technology Inc. has a 52-week low of $25.39 and a 52-week high of $56.27.

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

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its position in GigaCloud Technology by 252.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after purchasing an additional 338,269 shares during the period. Tieton Capital Management LLC bought a new stake in shares of GigaCloud Technology in the second quarter worth $6,257,000. First Trust Advisors LP increased its position in GigaCloud Technology by 5.4% during the first quarter. First Trust Advisors LP now owns 102,014 shares of the company’s stock valued at $4,629,000 after acquiring an additional 5,203 shares during the last quarter. Bank of America Corp DE increased its position in GigaCloud Technology by 184.3% during the first quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock valued at $4,536,000 after acquiring an additional 64,799 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in GigaCloud Technology in the first quarter valued at about $3,576,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

GCT has been the subject of several research reports. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, GigaCloud Technology presently has an average rating of “Moderate Buy”.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.