Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO Sells $1,284,900.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $42.83, for a total transaction of $1,284,900.00. Following the completion of the transaction, the chief executive officer directly owned 518,090 shares in the company, valued at $22,189,794.70. This trade represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The shares were 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 stock was 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.
• 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 transaction of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.39, for a total transaction 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 shares were 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 $44.40 on Thursday. The company has a market capitalization of $1.65 billion, a P/E ratio of 12.27 and a beta of 2.24. The company has a 50 day simple moving average of $39.62 and a 200-day simple moving average of $34.25. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $48.00.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, February 26th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The firm had revenue of $362.75 million for the quarter, compared to analysts’ expectations of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The firm’s quarterly revenue was up 22.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 earnings per share. As a group, research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Wall Street Analysts Forecast Growth

GCT has been the topic of several recent analyst reports. Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Wall Street Zen upgraded GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. raised its stake in shares of GigaCloud Technology by 17.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock valued at $54,000 after acquiring an additional 405 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after purchasing an additional 483 shares in the last quarter. SG Americas Securities LLC increased its holdings in GigaCloud Technology by 10.2% during the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after purchasing an additional 485 shares during the period. Jones Financial Companies Lllp raised its position in 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 purchasing an additional 589 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of GigaCloud Technology by 14.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after buying an additional 759 shares during the period. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.