GigaCloud Technology Inc. (NASDAQ:GCT) Director Sells $2,764,638.26 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Frank Hurst Lin sold 93,211 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $29.66, for a total value of $2,764,638.26. Following the completion of the transaction, the director now directly owns 4,219,582 shares of the company’s stock, valued at $125,152,802.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Frank Hurst Lin also recently made the following trade(s):

• On Tuesday, June 25th, Frank Hurst Lin sold 81,537 shares of GigaCloud Technology stock. The stock was sold at an average price of $29.83, for a total transaction of $2,432,248.71.
• On Thursday, June 20th, Frank Hurst Lin sold 15,993 shares of GigaCloud Technology stock. The stock was sold at an average price of $30.14, for a total transaction of $482,029.02.
• On Thursday, June 13th, Frank Hurst Lin sold 87,045 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.23, for a total value of $2,805,460.35.
• On Tuesday, June 11th, Frank Hurst Lin sold 175,178 shares of GigaCloud Technology stock. The shares were sold at an average price of $33.16, for a total value of $5,808,902.48.
• On Thursday, May 16th, Frank Hurst Lin sold 40,134 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.21, for a total transaction of $1,453,252.14.
• On Tuesday, May 14th, Frank Hurst Lin sold 92,886 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08.

GigaCloud Technology Stock Performance

GCT stock opened at $30.42 on Friday. The stock has a market capitalization of $1.24 billion, a PE ratio of 11.84 and a beta of 1.87. The company has a fifty day moving average of $33.18 and a 200-day moving average of $29.35. GigaCloud Technology Inc. has a one year low of $6.70 and a one year high of $45.18.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GCT shares. Maxim Group assumed coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price for the company. Roth Mkm increased their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

Institutional Trading of GigaCloud Technology

A number of institutional investors have recently modified their holdings of the business. Tidal Investments LLC purchased a new position in GigaCloud Technology in the first quarter worth $1,731,000. Truvestments Capital LLC acquired a new position in shares of GigaCloud Technology during the 1st quarter worth $327,000. Avantax Advisory Services Inc. increased its holdings in shares of GigaCloud Technology by 86.3% in the 1st 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 in the last quarter. Thoroughbred Financial Services LLC acquired a new stake in shares of GigaCloud Technology in the first quarter valued at about $1,212,000. Finally, Empowered Funds LLC boosted its holdings in GigaCloud Technology by 8.1% during the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after buying an additional 12,278 shares in the last quarter. 34.94% of the stock is currently 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.