GigaCloud Technology (NASDAQ:GCT) Stock Price Down 1.8% on Insider Selling

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) fell 1.8% on Friday after an insider sold shares in the company. The stock traded as low as $30.25 and last traded at $31.23. 575,825 shares were traded during trading, a decline of 80% from the average session volume of 2,925,333 shares. The stock had previously closed at $31.81.

Specifically, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares in the company, valued at approximately $847,991.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, Director Frank Hurst Lin sold 175,178 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $33.16, for a total transaction of $5,808,902.48. Following the transaction, the director now owns 5,069,889 shares in the company, valued at approximately $168,117,519.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,628,457 shares of company stock worth $55,064,956. Corporate insiders own 43.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on GCT. Maxim Group began coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock. Roth Mkm upped their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The stock has a market cap of $1.27 billion, a PE ratio of 12.13 and a beta of 1.87. The company’s 50-day moving average price is $33.93 and its 200 day moving average price is $28.15.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The firm had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC purchased a new stake in GigaCloud Technology in the 4th quarter worth approximately $30,000. Quarry LP bought a new position in GigaCloud Technology in the 4th quarter worth approximately $47,000. PAX Financial Group LLC bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $141,000. Tucker Asset Management LLC boosted its stake in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after purchasing an additional 7,499 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new position in GigaCloud Technology in the 3rd quarter worth approximately $172,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

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.