Zhiwu Chen Sells 1,500 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00. Following the transaction, the director directly owned 24,057 shares in the company, valued at $1,274,058.72. The trade was a 5.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Zhiwu Chen also recently made the following trade(s):

• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The stock was sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Stock Performance

GCT stock opened at $53.15 on Friday. The company has a 50 day moving average price of $46.88 and a two-hundred day moving average price of $42.22. The stock has a market capitalization of $1.90 billion, a P/E ratio of 12.57 and a beta of 1.65. GigaCloud Technology Inc. has a one year low of $25.39 and a one year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. The company 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%. Research analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of GCT. Integrated Wealth Concepts LLC purchased a new stake in shares of GigaCloud Technology during the 2nd quarter valued at $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the 1st quarter worth $60,000. Archer Investment Corp purchased a new position in shares of GigaCloud Technology in the 1st quarter worth $97,000. Pictet Asset Management Holding SA acquired a new position in GigaCloud Technology in the first quarter valued at $203,000. Finally, Swiss Life Asset Management Ltd acquired a new position in GigaCloud Technology in the fourth quarter valued at $202,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analyst Ratings Changes

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

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.