GigaCloud Technology (NASDAQ:GCT) Stock Price Up 7.1% – Time to Buy?

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded up 7.1% on Monday . The company traded as high as $20.99 and last traded at $20.98. 340,221 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 742,899 shares. The stock had previously closed at $19.59.

GigaCloud Technology Stock Up 10.7 %

The firm has a market capitalization of $888.64 million, a PE ratio of 6.86 and a beta of 1.74. The business’s 50-day moving average price is $21.98 and its 200-day moving average price is $23.82.

Insider Activity

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the transaction, the chief technology officer now owns 867,540 shares of the company’s stock, valued at $19,207,335.60. The trade was a 8.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marshall Bernes purchased 5,000 shares of the company’s stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the transaction, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 2,811,979 shares of company stock worth $61,233,745 in the last ninety days. Corporate insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently bought and sold shares of GCT. Harvest Fund Management Co. Ltd bought a new stake in GigaCloud Technology in the 3rd quarter valued at $6,956,000. Geode Capital Management LLC increased its stake in shares of GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after buying an additional 274,506 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of GigaCloud Technology by 279.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after purchasing an additional 158,033 shares in the last quarter. Franklin Resources Inc. increased its position in GigaCloud Technology by 49.5% in the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after purchasing an additional 135,726 shares during the period. Finally, WT Asset Management Ltd acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $2,804,000. 34.94% of the stock is owned by 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.