GigaCloud Technology (NASDAQ:GCT) Trading Up 7.1% – Here’s What Happened

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) shot up 7.1% during mid-day trading on Monday . The stock traded as high as $20.99 and last traded at $20.98. 340,221 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 742,899 shares. The stock had previously closed at $19.59.

GigaCloud Technology Trading Down 2.5 %

The company’s 50 day moving average price is $21.84 and its 200 day moving average price is $23.65. The company has a market cap of $802.23 million, a price-to-earnings ratio of 6.20 and a beta of 1.92.

Insider Buying and Selling at GigaCloud Technology

In other news, CTO Xin Wan sold 68,437 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the completion of the transaction, the chief technology officer now owns 1,563 shares of the company’s stock, valued at $31,932.09. The trade was a 97.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Marshall Bernes purchased 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the acquisition, the insider now directly owns 45,000 shares in the company, valued at $787,500. The trade was a 12.50 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 2,811,979 shares of company stock valued at $61,233,745. Corporate insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of GCT. Amalgamated Bank acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at about $25,000. Townsquare Capital LLC raised its holdings in GigaCloud Technology by 4.6% in the third quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock valued at $447,000 after buying an additional 862 shares during the period. MFA Wealth Advisors LLC purchased a new stake in GigaCloud Technology during the third quarter worth approximately $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology in the third quarter worth $49,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology in the 2nd quarter valued at $66,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.