GigaCloud Technology (NASDAQ:GCT) Trading Down 3.5% After Insider Selling

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) dropped 3.5% during trading on Tuesday following insider selling activity. The company traded as low as $35.79 and last traded at $35.79. Approximately 1,056,048 shares were traded during trading, a decline of 66% from the average daily volume of 3,101,440 shares. The stock had previously closed at $37.09.

Specifically, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the transaction, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction that occurred on 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 directly owns 27,803 shares of the company’s stock, valued at $847,991.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the transaction, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The disclosure for this sale can be found here. Insiders have sold 564,464 shares of company stock valued at $16,839,895 in the last quarter.

Wall Street Analyst Weigh In

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 research report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 16.13 and a beta of 2.27. The firm’s fifty day moving average is $33.12 and its 200 day moving average is $21.52.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Equities research analysts forecast that GigaCloud Technology Inc. will post 2.58 EPS for the current fiscal year.

Institutional Trading of GigaCloud Technology

Several institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in shares of GigaCloud Technology during the third quarter worth approximately $9,634,000. New York State Common Retirement Fund acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $1,895,000. Quadrature Capital Ltd acquired a new stake in GigaCloud Technology in the fourth quarter valued at approximately $2,803,000. Pacific Ridge Capital Partners LLC lifted its stake in GigaCloud Technology by 27.1% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 84,617 shares of the company’s stock valued at $1,548,000 after acquiring an additional 18,049 shares during the last quarter. Finally, Nomura Holdings Inc. acquired a new stake in GigaCloud Technology in the fourth quarter valued at approximately $991,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.