GigaCloud Technology (NASDAQ:GCT) Trading Down 3.5% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) shares were down 3.5% during trading on Tuesday following insider selling activity. The company traded as low as $35.79 and last traded at $35.79. Approximately 1,056,048 shares traded hands during trading, a decline of 66% from the average daily volume of 3,101,440 shares. The stock had previously closed at $37.09.

Specifically, CTO Xin Wan sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the transaction, the chief technology officer now directly owns 947,540 shares in the company, valued at approximately $25,829,940.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the sale, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at $36,882,792.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares in the company, valued at approximately $25,829,940.40. The disclosure for this sale can be found here. Insiders have sold a total of 564,464 shares of company stock worth $16,839,895 in the last ninety days.

Wall Street Analyst Weigh In

Separately, Roth Mkm boosted their target price 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 Stock Down 4.1 %

The business has a 50-day moving average price of $33.12 and a two-hundred day moving average price of $21.52. The firm has a market cap of $1.45 billion, a PE ratio of 16.13 and a beta of 2.27.

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

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently bought and sold shares of the business. PAX Financial Group LLC purchased a new position in GigaCloud Technology in the third quarter valued at $141,000. Acadian Asset Management LLC acquired a new position in GigaCloud Technology in the third quarter valued at $9,634,000. Ritholtz Wealth Management acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth about $295,000. WINTON GROUP Ltd acquired a new stake in shares of GigaCloud Technology during the third quarter worth about $258,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of GigaCloud Technology during the third quarter worth about $1,895,000. Hedge funds and other institutional investors own 34.94% 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.