Insider Selling: GigaCloud Technology (NASDAQ:GCT) CTO Sells $3,056,400.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 60,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the transaction, the chief technology officer directly owned 657,540 shares of the company’s stock, valued at approximately $33,495,087.60. The trade was a 8.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $51.87 on Friday. The firm’s fifty day moving average price is $38.23 and its two-hundred day moving average price is $40.01. The stock has a market cap of $1.85 billion, a PE ratio of 12.26 and a beta of 1.65. GigaCloud Technology Inc. has a fifty-two week low of $25.15 and a fifty-two week high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly 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. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The company had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Globeflex Capital L P acquired a new position in GigaCloud Technology during the 2nd quarter worth about $1,561,000. Tieton Capital Management LLC acquired a new stake in shares of GigaCloud Technology in the second quarter valued at about $6,257,000. NewEdge Advisors LLC increased its stake in shares of GigaCloud Technology by 100.7% in the first quarter. NewEdge Advisors LLC now owns 22,983 shares of the company’s stock valued at $1,043,000 after buying an additional 11,532 shares during the period. Arete Wealth Advisors LLC raised its position in shares of GigaCloud Technology by 6.7% during the first quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock worth $687,000 after acquiring an additional 945 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of GigaCloud Technology by 184.3% during the first quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after acquiring an additional 64,799 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on GCT. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Wall Street Zen lowered GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, GigaCloud Technology has a consensus rating of “Hold”.

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.