GigaCloud Technology (NASDAQ:GCT) Stock Price Down 1.8% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) shares dropped 1.8% during trading on Tuesday following insider selling activity. The company traded as low as $29.00 and last traded at $29.51. Approximately 595,312 shares changed hands during trading, a decline of 80% from the average daily volume of 2,904,375 shares. The stock had previously closed at $30.06.

Specifically, Director Frank Hurst Lin sold 94,413 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total transaction of $2,585,027.94. Following the transaction, the director now directly owns 5,669,889 shares in the company, valued at approximately $155,241,560.82. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the transaction, the chief executive officer now directly owns 1,248,994 shares in the company, valued at approximately $36,882,792.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank Hurst Lin sold 94,413 shares of GigaCloud Technology stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total transaction of $2,585,027.94. Following the completion of the sale, the director now directly owns 5,669,889 shares of the company’s stock, valued at approximately $155,241,560.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,578,698 shares of company stock worth $53,711,842. Corporate insiders own 43.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on GCT. Roth Mkm upped their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Maxim Group began coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price target for the company.

GigaCloud Technology Price Performance

The stock has a market capitalization of $1.23 billion, a P/E ratio of 11.75 and a beta of 1.88. The business’s 50 day simple moving average is $33.83 and its 200-day simple moving average is $28.55.

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

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GCT. CWM LLC bought a new stake in shares of GigaCloud Technology during the 4th quarter worth about $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $47,000. Tucker Asset Management LLC lifted its holdings in shares of GigaCloud Technology by 1,499.8% during 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 bought a new stake in shares of GigaCloud Technology during the 4th quarter worth approximately $207,000. Finally, Truvestments Capital LLC bought a new stake in shares of GigaCloud Technology during the 1st quarter worth approximately $327,000. 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.