Lei Wu Sells 30,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 30,000 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $41.36, for a total value of $1,240,800.00. Following the transaction, the chief executive officer directly owned 210,000 shares in the company, valued at $8,685,600. This represents a 12.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, March 11th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.38, for a total value of $1,301,400.00.
• On Monday, March 9th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.13, for a total transaction of $1,263,900.00.
• On Thursday, March 5th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.11, for a total transaction of $1,293,300.00.
• On Wednesday, March 4th, Lei Wu sold 40,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $44.08, for a total transaction of $1,763,200.00.
• On Tuesday, March 3rd, Lei Wu sold 58,090 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.99, for a total value of $2,381,109.10.
• On Monday, March 2nd, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.83, for a total transaction of $1,284,900.00.
• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.57, for a total value of $2,614,200.00.
• On Thursday, February 26th, Lei Wu sold 70,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $45.28, for a total transaction of $3,169,600.00.
• On Thursday, January 22nd, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.78, for a total value of $815,600.00.
• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.26, for a total value of $8,454.60.

GigaCloud Technology Price Performance

NASDAQ:GCT opened at $40.95 on Monday. GigaCloud Technology Inc. has a 1-year low of $11.17 and a 1-year high of $48.00. The business has a 50 day moving average of $40.06 and a 200 day moving average of $34.93. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 11.31 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, February 26th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.51. The firm had revenue of $362.75 million during the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.76 EPS. As a group, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GCT. Invesco Ltd. lifted its position in shares of GigaCloud Technology by 211.6% in the 4th quarter. Invesco Ltd. now owns 145,439 shares of the company’s stock worth $5,713,000 after purchasing an additional 98,763 shares during the period. State of Tennessee Department of Treasury purchased a new stake in GigaCloud Technology in the fourth quarter worth about $322,000. Fuller & Thaler Asset Management Inc. bought a new stake in GigaCloud Technology during the 4th quarter valued at approximately $516,000. NewEdge Advisors LLC grew its holdings in shares of GigaCloud Technology by 3,011.7% during the 4th quarter. NewEdge Advisors LLC now owns 11,451 shares of the company’s stock worth $450,000 after acquiring an additional 11,083 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of GigaCloud Technology by 4.0% during the 4th quarter. Empowered Funds LLC now owns 170,081 shares of the company’s stock worth $6,681,000 after acquiring an additional 6,596 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Wall Street Zen raised shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Finally, Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $33.00.

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.