GigaCloud Technology (NASDAQ:GCT) Stock Price Down 6.7% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price was down 6.7% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $33.31 and last traded at $33.38. Approximately 1,586,079 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 3,026,076 shares. The stock had previously closed at $35.76.

Specifically, CEO Lei Wu sold 14,188 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.06, for a total value of $511,619.28. Following the transaction, the chief executive officer now owns 114,190 shares of the company’s stock, valued at $4,117,691.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Frank Hurst Lin sold 40,134 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $1,453,252.14. Following the sale, the director now owns 5,394,931 shares of the company’s stock, valued at approximately $195,350,451.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lei Wu sold 14,188 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.06, for a total value of $511,619.28. Following the completion of the transaction, the chief executive officer now directly owns 114,190 shares of the company’s stock, valued at $4,117,691.40. The disclosure for this sale can be found here. Insiders have sold 1,453,279 shares of company stock worth $49,256,053 in the last quarter. 43.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

GigaCloud Technology Stock Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 12.70 and a beta of 1.99. The business has a fifty day moving average price of $34.02 and a 200 day moving average price of $25.36.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.33. The business had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same period in the previous year, the company earned $0.39 earnings per share. On average, analysts expect that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology during the 4th quarter worth $47,000. Tucker Asset Management LLC raised its holdings in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the period. Foundations Investment Advisors LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $207,000. Finally, Truvestments Capital LLC acquired a new stake in shares of GigaCloud Technology in the first quarter worth $327,000. Institutional investors own 34.94% of the company’s stock.

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.