GigaCloud Technology (NASDAQ:GCT) Shares Down 1.8% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) was down 1.8% during trading on Friday after an insider sold shares in the company. The stock traded as low as $30.25 and last traded at $31.23. Approximately 575,825 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 2,925,333 shares. The stock had previously closed at $31.81.

Specifically, 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 value of $79,879.50. Following the completion of the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Xinyan Hao sold 282,545 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $36.10, for a total transaction of $10,199,874.50. Following the completion of the sale, the chief operating officer now directly owns 854,941 shares of the company’s stock, valued at $30,863,370.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO David Kwok Hei Lau sold 2,619 shares of the firm’s 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 completion of the transaction, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The disclosure for this sale can be found here. Insiders sold a total of 1,628,457 shares of company stock valued at $55,064,956 over the last quarter. Corporate insiders own 43.00% of the company’s stock.

Wall Street Analyst Weigh In

GCT has been the topic of a number of recent analyst reports. Maxim Group initiated coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock. Roth Mkm lifted their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The firm has a market cap of $1.26 billion, a P/E ratio of 12.11 and a beta of 1.87. The stock’s 50-day moving average is $34.00 and its 200 day moving average is $27.87.

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

Institutional Trading of GigaCloud Technology

Hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC bought a new stake in shares of GigaCloud Technology in the first quarter valued at about $1,731,000. Truvestments Capital LLC bought a new position in shares of GigaCloud Technology in the 1st quarter valued at about $327,000. Avantax Advisory Services Inc. boosted its position in GigaCloud Technology by 86.3% during the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after purchasing an additional 10,659 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in GigaCloud Technology in the first quarter valued at approximately $1,212,000. Finally, Empowered Funds LLC raised its stake in shares of GigaCloud Technology by 8.1% during the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after purchasing an additional 12,278 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.