GigaCloud Technology (NASDAQ:GCT) Stock: Insider Marshall Bernes Sells 4,497 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 4,497 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $53.58, for a total transaction of $240,949.26. Following the transaction, the insider directly owned 20,950 shares in the company, valued at approximately $1,122,501. This represents a 17.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00.
• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The stock was 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 stock was sold at an average price of $53.00, for a total value of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT opened at $50.41 on Wednesday. The business has a 50-day moving average of $49.41 and a two-hundred day moving average of $42.75. The firm has a market capitalization of $1.80 billion, a PE ratio of 11.92 and a beta of 1.65. GigaCloud Technology Inc. has a 12 month low of $25.39 and a 12 month high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating 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%. As a group, research analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Institutional Trading of GigaCloud Technology

A number of hedge funds and other institutional investors have recently modified their holdings of GCT. Dimensional Fund Advisors LP increased its holdings in shares of GigaCloud Technology by 252.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock valued at $21,424,000 after acquiring an additional 338,269 shares during the last quarter. Tieton Capital Management LLC bought a new position in GigaCloud Technology during the second quarter worth $6,257,000. First Trust Advisors LP lifted its stake in GigaCloud Technology by 5.4% during the first quarter. First Trust Advisors LP now owns 102,014 shares of the company’s stock worth $4,629,000 after purchasing an additional 5,203 shares during the last quarter. Bank of America Corp DE boosted its holdings in GigaCloud Technology by 184.3% in the first quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after purchasing an additional 64,799 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in GigaCloud Technology in the first quarter worth $3,576,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on GCT shares. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, September 24th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, GigaCloud Technology has an average rating of “Moderate Buy”.

GigaCloud Technology Company Profile

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.