Xin Wan Sells 100,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 100,000 shares of GigaCloud Technology stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the transaction, the chief technology officer directly owned 717,540 shares in the company, valued at $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

GigaCloud Technology Stock Down 2.1%

GigaCloud Technology stock opened at $42.76 on Friday. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $48.00. The company’s 50 day moving average price is $39.73 and its two-hundred day moving average price is $34.39. The stock has a market cap of $1.58 billion, a P/E ratio of 11.81 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Thursday, February 26th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.39. The company had revenue of $362.75 million during the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.GigaCloud Technology’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. On average, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Institutional Trading of GigaCloud Technology

Several institutional investors and hedge funds have recently modified their holdings of GCT. Ameritas Investment Partners Inc. grew 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 in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of GigaCloud Technology by 25.6% in 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. SG Americas Securities LLC increased its holdings in shares of GigaCloud Technology by 10.2% in the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after buying an additional 485 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of GigaCloud Technology by 184.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after buying an additional 589 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of GigaCloud Technology by 14.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after buying an additional 759 shares in the last quarter. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on GCT shares. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.00.

About GigaCloud Technology

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.