GigaCloud Technology (NASDAQ:GCT) Stock Price Down 2% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) shares were down 2% during trading on Wednesday following insider selling activity. The company traded as low as $34.20 and last traded at $34.38. Approximately 1,350,640 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 3,109,106 shares. The stock had previously closed at $35.09.

Specifically, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total value of $1,522,840.00. Following the completion of the transaction, the chief executive officer now owns 1,105,816 shares in the company, valued at approximately $38,272,291.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Lei Wu sold 44,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $34.61, for a total transaction of $1,522,840.00. Following the completion of the transaction, the chief executive officer now directly owns 1,105,816 shares in the company, valued at approximately $38,272,291.76. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total value of $4,043,486.86. Following the transaction, the director now owns 5,764,302 shares of the company’s stock, valued at $175,119,494.76. The disclosure for this sale can be found here. Insiders sold a total of 550,287 shares of company stock worth $16,328,105 in the last 90 days. 45.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Roth Mkm upped their price target on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The company has a 50-day simple moving average of $32.90 and a two-hundred day simple moving average of $20.97. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 16.00 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. Research analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Morgan Stanley acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $25,000. State of Wyoming acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at $27,000. CWM LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $47,000. Finally, UBS Group AG acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at $61,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.