Principal Financial Group Inc. Buys Shares of 62,760 GigaCloud Technology Inc. (NASDAQ:GCT)

Principal Financial Group Inc. purchased a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 62,760 shares of the company’s stock, valued at approximately $1,442,000.

A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in GigaCloud Technology by 90.7% in the 3rd quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock worth $13,265,000 after purchasing an additional 274,506 shares during the last quarter. State Street Corp lifted its stake in shares of GigaCloud Technology by 31.7% in the third quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after buying an additional 121,037 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of GigaCloud Technology by 49.5% during the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after buying an additional 135,726 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of GigaCloud Technology during the 3rd quarter worth $6,956,000. Finally, Charles Schwab Investment Management Inc. grew its stake in GigaCloud Technology by 279.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after buying an additional 158,033 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Price Performance

GigaCloud Technology stock opened at $19.59 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $15.61 and a fifty-two week high of $45.18. The firm has a fifty day moving average price of $21.98 and a two-hundred day moving average price of $23.86. The firm has a market cap of $802.60 million, a price-to-earnings ratio of 6.20 and a beta of 1.74.

Insider Transactions at GigaCloud Technology

In related news, insider Marshall Bernes acquired 5,000 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now owns 45,000 shares in the company, valued at $787,500. This trade represents a 12.50 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. The trade was a 65.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,811,979 shares of company stock worth $61,233,745. Company insiders own 43.00% of the company’s stock.

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.