GigaCloud Technology (NASDAQ:GCT) CEO Lei Wu Sells 20,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the completion of the transaction, the chief executive officer directly owned 678,090 shares in the company, valued at approximately $27,652,510.20. This represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Lei Wu also recently made the following trade(s):

• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.26, for a total value of $8,454.60.
• On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.01, for a total value of $68,017.00.
• On Friday, January 16th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $41.34, for a total value of $826,800.00.
• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.94, for a total value of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.39, for a total value of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.08, for a total transaction of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.36, for a total transaction of $847,200.00.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT opened at $40.51 on Friday. The company has a market capitalization of $1.50 billion, a P/E ratio of 12.13 and a beta of 2.28. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $44.71. The firm’s 50 day simple moving average is $38.79 and its two-hundred day simple moving average is $31.12.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.34. The firm had revenue of $332.64 million during the quarter, compared to analysts’ expectations of $300.96 million. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.15 earnings per share. On average, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GCT has been the topic of several research analyst reports. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Finally, Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $24.00.

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its stake in GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after buying an additional 589 shares during the last quarter. Quarry LP bought a new position in shares of GigaCloud Technology during the 3rd quarter valued at approximately $29,000. Larson Financial Group LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of GigaCloud Technology in the third quarter valued at $30,000. Finally, Ameritas Advisory Services LLC bought a new stake in GigaCloud Technology in the second quarter worth $35,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.