Principal Financial Group Inc. Trims Stock Holdings in GigaCloud Technology Inc. $GCT

Principal Financial Group Inc. lessened its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 55.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,509 shares of the company’s stock after selling 25,953 shares during the quarter. Principal Financial Group Inc. owned 0.05% of GigaCloud Technology worth $582,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GCT. Ameritas Investment Partners Inc. lifted its holdings in shares of GigaCloud Technology by 17.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after purchasing an additional 405 shares during the period. Tower Research Capital LLC TRC raised its position in GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after buying an additional 483 shares during the last quarter. Stratos Wealth Partners LTD. lifted its stake in GigaCloud Technology by 5.6% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 10,945 shares of the company’s stock valued at $217,000 after acquiring an additional 585 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its stake in GigaCloud Technology by 31.5% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 6,209 shares of the company’s stock valued at $123,000 after acquiring an additional 1,489 shares during the period. Finally, Global Retirement Partners LLC boosted its holdings in shares of GigaCloud Technology by 534.3% in the 3rd quarter. Global Retirement Partners LLC now owns 1,903 shares of the company’s stock valued at $54,000 after acquiring an additional 1,603 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

Insider Activity at GigaCloud Technology

In other news, COO Xinyan Hao sold 800 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $40.04, for a total transaction of $32,032.00. Following the transaction, the chief operating officer owned 357,486 shares of the company’s stock, valued at approximately $14,313,739.44. The trade was a 0.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the completion of the sale, the chief executive officer directly owned 678,090 shares of the company’s stock, valued at $27,652,510.20. This represents a 2.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 171,910 shares of company stock valued at $7,097,748. Insiders own 24.71% of the company’s stock.

GigaCloud Technology Trading Up 0.5%

Shares of NASDAQ GCT opened at $35.40 on Friday. The stock has a market cap of $1.31 billion, a PE ratio of 10.60 and a beta of 2.28. GigaCloud Technology Inc. has a 12-month low of $11.17 and a 12-month high of $44.71. The company has a 50-day moving average of $39.63 and a 200 day moving average of $33.42.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GCT shares. Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Finally, Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

GigaCloud Technology Profile

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.