SeaCrest Wealth Management LLC Takes $391,000 Position in GigaCloud Technology Inc. (NASDAQ:GCT)

SeaCrest Wealth Management LLC bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,640 shares of the company’s stock, valued at approximately $391,000.

Several other large investors also recently bought and sold shares of the stock. Quadrature Capital Ltd acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at $2,803,000. Nomura Holdings Inc. purchased a new stake in GigaCloud Technology during the 4th quarter worth about $991,000. Rock Creek Group LP acquired a new position in shares of GigaCloud Technology during the 4th quarter worth about $927,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at about $622,000. Finally, Trexquant Investment LP acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth about $528,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Insider Buying and Selling at GigaCloud Technology

In related news, CEO Lei Wu sold 20,000 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at $44,322,801.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,217,994 shares in the company, valued at approximately $44,322,801.66. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Xinyan Hao sold 282,545 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the transaction, the chief operating officer now owns 854,941 shares in the company, valued at $30,863,370.10. The disclosure for this sale can be found here. In the last three months, insiders sold 1,490,956 shares of company stock worth $51,781,047. Insiders own 43.00% of the company’s stock.

Analyst Ratings Changes

GCT has been the subject of a number of research analyst reports. Roth Mkm upped their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group assumed coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective for the company.

GigaCloud Technology Trading Down 1.8 %

Shares of NASDAQ GCT opened at $31.44 on Wednesday. The company’s 50-day moving average price is $32.97 and its 200 day moving average price is $29.73. GigaCloud Technology Inc. has a 52 week low of $6.70 and a 52 week high of $45.18. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 12.23 and a beta of 1.81.

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

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.