GigaCloud Technology (NASDAQ:GCT) Trading Down 4.6% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) fell 4.6% during trading on Friday after an insider sold shares in the company. The stock traded as low as $31.66 and last traded at $32.24. 764,157 shares were traded during mid-day trading, a decline of 75% from the average session volume of 3,114,693 shares. The stock had previously closed at $33.79.

Specifically, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now owns 1,248,994 shares in the company, valued at $36,882,792.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO David Kwok Hei Lau sold 2,619 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at $847,991.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the transaction, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,287 shares of company stock worth $13,340,395. 45.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Price Performance

The company has a market capitalization of $1.29 billion, a PE ratio of 13.80 and a beta of 2.26. The company has a 50 day moving average of $32.41 and a two-hundred day moving average of $20.32.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, equities analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors have recently modified their holdings of the stock. CWM LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $30,000. Quarry LP purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $47,000. State of Wyoming purchased a new stake in shares of GigaCloud Technology in the second quarter worth $27,000. Morgan Stanley purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $25,000. Finally, Royal Bank of Canada purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $108,000. 34.94% of the stock is owned by hedge funds and other 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.