GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.5% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price fell 3.5% during trading on Tuesday following insider selling activity. The stock traded as low as $35.79 and last traded at $35.79. 1,056,048 shares changed hands during trading, a decline of 66% from the average session volume of 3,101,440 shares. The stock had previously closed at $37.09.

Specifically, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares in the company, valued at $175,119,494.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GigaCloud Technology news, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares in the company, valued at $175,119,494.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total value of $727,800.00. Following the transaction, the chief executive officer now owns 1,217,994 shares in the company, valued at $44,322,801.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 564,464 shares of company stock worth $16,839,895. Insiders own 45.30% of the company’s stock.

Analyst Ratings Changes

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

GigaCloud Technology Stock Down 0.2 %

The business has a 50-day moving average price of $33.23 and a two-hundred day moving average price of $21.72. The firm has a market cap of $1.51 billion, a PE ratio of 16.09 and a beta of 2.27.

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

Institutional Trading of GigaCloud Technology

A number of large investors have recently modified their holdings of the stock. CWM LLC purchased a new position in GigaCloud Technology in the fourth quarter valued at $30,000. Quarry LP purchased a new position in GigaCloud Technology in the fourth quarter valued at $47,000. PAX Financial Group LLC purchased a new position in GigaCloud Technology in the third quarter valued at $141,000. Tucker Asset Management LLC increased its holdings in GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in GigaCloud Technology in the third quarter valued at $172,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.