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

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price traded down 3.8% during mid-day 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 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 the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $35.89, for a total transaction of $1,579,160.00. Following the completion of the sale, the chief executive officer now owns 797,816 shares of the company’s stock, valued at $28,633,616.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 696,464 shares of company stock worth $21,609,935.

Wall Street Analyst Weigh In

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

GigaCloud Technology Price Performance

The stock has a fifty day moving average price of $33.38 and a two-hundred day moving average price of $22.46. The company has a market cap of $1.38 billion, a P/E ratio of 14.77 and a beta of 2.27.

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

Institutional Trading of GigaCloud Technology

A number of large investors have recently bought and sold shares of the company. Acadian Asset Management LLC purchased a new position in shares of GigaCloud Technology in the third quarter valued at $9,634,000. New York State Common Retirement Fund purchased a new position in shares of GigaCloud Technology in the third quarter valued at $1,895,000. Quadrature Capital Ltd purchased a new position in shares of GigaCloud Technology in the fourth quarter valued at $2,803,000. Pacific Ridge Capital Partners LLC purchased a new position in shares of GigaCloud Technology in the third quarter valued at $586,000. Finally, Nomura Holdings Inc. purchased a new position in shares of GigaCloud Technology in the fourth quarter valued at $991,000. 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.