GigaCloud Technology Inc. (NASDAQ:GCT) Shares Acquired by State Street Corp

State Street Corp raised its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 31.7% in the third quarter, HoldingsChannel.com reports. The firm owned 502,445 shares of the company’s stock after buying an additional 121,037 shares during the period. State Street Corp’s holdings in GigaCloud Technology were worth $11,546,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new position in GigaCloud Technology during the third quarter worth about $1,083,000. Segall Bryant & Hamill LLC bought a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $1,556,000. Principal Financial Group Inc. acquired a new stake in GigaCloud Technology during the third quarter valued at approximately $1,442,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock worth $2,772,000 after buying an additional 34,318 shares in the last quarter. Finally, Centiva Capital LP bought a new stake in GigaCloud Technology during the third quarter worth approximately $1,305,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CTO Xin Wan sold 68,437 shares of GigaCloud Technology stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the transaction, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at $31,932.09. This trade represents a 97.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the sale, the insider now owns 1,406,813 shares in the company, valued at $30,668,523.40. This represents a 65.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,811,979 shares of company stock worth $61,233,745 in the last three months. 43.00% of the stock is currently owned by insiders.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $18.05 on Thursday. The stock has a market capitalization of $739.54 million, a P/E ratio of 5.71 and a beta of 1.74. The business’s fifty day moving average is $23.10 and its two-hundred day moving average is $24.50. GigaCloud Technology Inc. has a 1 year low of $15.18 and a 1 year high of $45.18.

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.