GigaCloud Technology (NASDAQ:GCT) Shares Gap Up on Insider Buying Activity

GigaCloud Technology Inc. (NASDAQ:GCT) shares gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $17.17, but opened at $17.74. GigaCloud Technology shares last traded at $18.35, with a volume of 329,496 shares traded.

Specifically, insider Marshall Bernes purchased 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the acquisition, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

GigaCloud Technology Stock Up 6.4 %

The company has a market capitalization of $748.56 million, a price-to-earnings ratio of 5.78 and a beta of 1.74. The business’s 50-day moving average is $22.49 and its 200-day moving average is $24.10.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds have recently modified their holdings of the company. Amalgamated Bank acquired a new position in GigaCloud Technology during the second quarter worth $25,000. Townsquare Capital LLC raised its holdings in shares of GigaCloud Technology by 4.6% during the third quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock valued at $447,000 after acquiring an additional 862 shares during the last quarter. MFA Wealth Advisors LLC acquired a new stake in shares of GigaCloud Technology in the third quarter worth approximately $26,000. New York State Teachers Retirement System purchased a new stake in shares of GigaCloud Technology during the third quarter worth $49,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology in the second quarter worth about $66,000. 34.94% of the stock is 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.