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

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 30,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $43.38, for a total value of $1,301,400.00. Following the transaction, the chief executive officer directly owned 270,000 shares in the company, valued at $11,712,600. This trade represents a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

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

• On Friday, March 13th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $41.36, for a total transaction of $1,240,800.00.
• On Monday, March 9th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were 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 stock was 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 stock was 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 transaction 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 stock was sold at an average price of $45.28, for a total value 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 shares were sold at an average price of $40.26, for a total value of $8,454.60.

GigaCloud Technology Stock Performance

GCT opened at $42.33 on Tuesday. The company has a market capitalization of $1.57 billion, a PE ratio of 11.69 and a beta of 2.24. The stock’s fifty day moving average is $40.12 and its 200-day moving average is $35.05. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $48.00.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, February 26th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.51. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The business had revenue of $362.75 million during the quarter, compared to analysts’ expectations of $332.33 million. During the same quarter last year, the business posted $0.76 earnings per share. The company’s quarterly revenue was up 22.6% on a year-over-year basis. On average, equities research analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GCT. Jones Financial Companies Lllp grew its holdings in shares of 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 in the last quarter. Quarry LP purchased a new stake in GigaCloud Technology in the 3rd quarter worth about $29,000. Larson Financial Group LLC acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $30,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in GigaCloud Technology during the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

GCT has been the topic of a number of research reports. Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Finally, Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average 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.