NewEdge Wealth LLC Buys New Shares in GigaCloud Technology Inc. $GCT

NewEdge Wealth LLC bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 22,194 shares of the company’s stock, valued at approximately $608,000. NewEdge Wealth LLC owned about 0.06% of GigaCloud Technology at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its position in shares of GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after acquiring an additional 589 shares during the period. Tower Research Capital LLC TRC lifted its stake in GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after purchasing an additional 483 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in GigaCloud Technology by 17.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after purchasing an additional 405 shares during the period. Global Retirement Partners LLC increased its position in GigaCloud Technology by 534.3% during the third quarter. Global Retirement Partners LLC now owns 1,903 shares of the company’s stock worth $54,000 after buying an additional 1,603 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in GigaCloud Technology by 31.5% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,209 shares of the company’s stock worth $123,000 after buying an additional 1,489 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $41.34, for a total value of $826,800.00. Following the completion of the sale, the chief executive officer owned 700,000 shares in the company, valued at approximately $28,938,000. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Xinyan Hao sold 49,200 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $40.07, for a total transaction of $1,971,444.00. Following the transaction, the chief operating officer owned 358,286 shares of the company’s stock, valued at approximately $14,356,520.02. The trade was a 12.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 171,910 shares of company stock worth $7,097,748. Company insiders own 24.71% of the company’s stock.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock opened at $33.82 on Tuesday. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $44.71. The stock’s 50-day moving average is $39.43 and its 200 day moving average is $33.76. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 10.13 and a beta of 2.28.

Wall Street Analysts Forecast Growth

GCT has been the subject of several research analyst reports. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, GigaCloud Technology has an average rating of “Moderate Buy” and a consensus price target of $24.00.

GigaCloud Technology Profile

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.