GigaCloud Technology (NASDAQ:GCT) Shares Down 3.8% Following Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) shares fell 3.8% during trading on Monday after an insider sold shares in the company. The stock traded as low as $33.85 and last traded at $34.00. 375,357 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 3,058,962 shares. The stock had previously closed at $35.35.

Specifically, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the sale, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the sale, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at $36,882,792.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 696,464 shares of company stock valued at $21,609,935.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The company has a market capitalization of $1.38 billion, a PE ratio of 14.77 and a beta of 2.27. The company’s fifty day moving average is $33.38 and its 200-day moving average is $22.46.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Equities research analysts forecast that GigaCloud Technology Inc. will post 2.98 EPS for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV purchased a new position in GigaCloud Technology in the first quarter worth $1,201,000. SeaCrest Wealth Management LLC purchased a new position in GigaCloud Technology in the first quarter worth $391,000. Harbour Capital Advisors LLC purchased a new position in GigaCloud Technology in the first quarter worth $769,000. Nomura Holdings Inc. purchased a new position in GigaCloud Technology in the fourth quarter worth $991,000. Finally, Quadrature Capital Ltd purchased a new position in GigaCloud Technology in the fourth quarter worth $2,803,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

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.