Marshall Bernes Sells 15,703 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 15,703 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $53.58, for a total value of $841,366.74. Following the completion of the transaction, the insider directly owned 25,447 shares in the company, valued at $1,363,450.26. The trade was a 38.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Marshall Bernes also recently made the following trade(s):

• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.47, for a total value of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Stock Performance

GCT stock traded down $0.62 during mid-day trading on Wednesday, hitting $52.50. 554,456 shares of the company were exchanged, compared to its average volume of 617,576. The firm has a market cap of $1.87 billion, a P/E ratio of 12.41 and a beta of 1.65. The firm’s 50 day simple moving average is $48.26 and its 200 day simple moving average is $42.48. GigaCloud Technology Inc. has a 1-year low of $25.39 and a 1-year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.26. The business had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. On average, equities research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, GigaCloud Technology currently has an average rating of “Hold”.

Institutional Trading of GigaCloud Technology

A number of institutional investors have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new stake in GigaCloud Technology during the second quarter worth approximately $334,000. Integrated Wealth Concepts LLC acquired a new stake in GigaCloud Technology in the second quarter valued at approximately $30,000. Squarepoint Ops LLC raised its position in shares of GigaCloud Technology by 341.5% during the second quarter. Squarepoint Ops LLC now owns 41,673 shares of the company’s stock worth $1,317,000 after purchasing an additional 32,234 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in GigaCloud Technology in the 2nd quarter valued at $766,000. Finally, Globeflex Capital L P acquired a new position in GigaCloud Technology during the second quarter worth $1,561,000. Institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.