GigaCloud Technology (NASDAQ:GCT) Trading Down 5.4% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) shares fell 5.4% during trading on Friday following insider selling activity. The stock traded as low as $28.51 and last traded at $28.83. 996,281 shares were traded during trading, a decline of 68% from the average session volume of 3,142,551 shares. The stock had previously closed at $30.47.

Specifically, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares of the company’s stock, valued at $847,991.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Frank Hurst Lin sold 133,097 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction 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 sale, the chief financial officer now directly owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 136,804 shares of company stock valued at $4,158,574. Company insiders own 45.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm boosted their target price on shares of GigaCloud Technology from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, December 7th.

Get Our Latest Research Report on GCT

GigaCloud Technology Stock Performance

The company’s fifty day moving average price is $29.89 and its 200 day moving average price is $18.33. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 11.70 and a beta of 2.40.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GCT. PAX Financial Group LLC acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $141,000. Acadian Asset Management LLC acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $9,634,000. WINTON GROUP Ltd acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $258,000. New York State Common Retirement Fund acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $1,895,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $172,000. 21.21% of the stock is owned by institutional investors and hedge funds.

About GigaCloud Technology

(Get Free Report)

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.

Further Reading

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