Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells 44,000 Shares of Stock

Posted by William Tyler on May 6th, 2024

GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.86, for a total value of $1,489,840.00. Following the sale, the chief executive officer now directly owns 621,816 shares of the company’s stock, valued at $21,054,689.76. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

On Tuesday, April 30th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.87, for a total value of $1,402,280.00.
On Friday, April 26th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $35.89, for a total value of $1,579,160.00.
On Wednesday, April 24th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.54, for a total value of $1,607,760.00.
On Monday, April 22nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $35.98, for a total value of $1,583,120.00.
On Friday, April 19th, Lei Wu sold 14,177 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.10, for a total value of $511,789.70.
On Wednesday, April 17th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $34.61, for a total value of $1,522,840.00.
On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.56, for a total value of $1,432,640.00.
On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $32.23, for a total value of $32,230.00.
On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00.
On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.07, for a total transaction of $661,400.00.

GigaCloud Technology Trading Up 7.4 %

NASDAQ:GCT opened at $37.27 on Monday. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 16.20 and a beta of 1.99. GigaCloud Technology Inc. has a 1-year low of $4.97 and a 1-year high of $45.18. The business’s 50-day moving average price is $33.68 and its two-hundred day moving average price is $23.16.

GigaCloud Technology (NASDAQ:GCT – Get Free Report) last released its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. The business had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. Sell-side analysts predict that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lifted their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd.

Check Out Our Latest Stock Analysis on GigaCloud Technology

Institutional Trading of GigaCloud Technology

A number of large investors have recently made changes to their positions in GCT. CWM LLC bought a new position in GigaCloud Technology during the fourth quarter worth about $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth about $47,000. Tucker Asset Management LLC lifted its holdings in shares of GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after purchasing an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $207,000. Finally, Avantax Advisory Services Inc. bought a new stake in GigaCloud Technology during the 4th quarter worth approximately $226,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

(Get Free Report)

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.