Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells $1,522,840.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $34.61, for a total transaction of $1,522,840.00. Following the completion of the sale, the chief executive officer now directly owns 1,105,816 shares in the company, valued at approximately $38,272,291.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Lei Wu also recently made the following trade(s):

• On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.56, for a total transaction of $1,432,640.00.
• On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $32.23, for a total transaction of $32,230.00.
• On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.86, for a total value of $31,860.00.
• On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.07, for a total value of $661,400.00.
• On Thursday, April 4th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00.
• On Monday, April 1st, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00.
• On Tuesday, March 26th, Lei Wu sold 6 shares of GigaCloud Technology stock. The shares were sold at an average price of $27.64, for a total transaction of $165.84.

GigaCloud Technology Trading Down 5.8 %

Shares of NASDAQ GCT opened at $34.69 on Friday. The stock has a market cap of $1.41 billion, a P/E ratio of 15.08 and a beta of 2.26. GigaCloud Technology Inc. has a twelve month low of $4.93 and a twelve month high of $45.18. The stock has a 50 day moving average of $33.01 and a two-hundred day moving average of $21.23.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The business had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. As a group, research analysts predict that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently made changes to their positions in GCT. PAX Financial Group LLC purchased a new position in shares of GigaCloud Technology during the third quarter worth about $141,000. Acadian Asset Management LLC purchased a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $9,634,000. Ritholtz Wealth Management acquired a new stake in GigaCloud Technology during the 4th quarter worth approximately $295,000. WINTON GROUP Ltd purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $258,000. Finally, New York State Common Retirement Fund acquired a new position in shares of GigaCloud Technology in the third quarter valued at approximately $1,895,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.