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

Posted by Caroline Horne on May 10th, 2024

GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) CEO Lei Wu sold 44,000 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the completion of the transaction, the chief executive officer now owns 533,816 shares of the company’s stock, valued at $21,464,741.36. The sale 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 Wednesday, May 8th, Lei Wu sold 62,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $38.77, for a total transaction of $2,403,740.00.
On Thursday, May 2nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.86, for a total value of $1,489,840.00.
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 stock was 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 stock was sold at an average price of $35.98, for a total transaction 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 transaction of $511,789.70.
On Wednesday, April 17th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $34.61, for a total transaction 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 transaction of $1,432,640.00.
On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.23, for a total value of $32,230.00.

GigaCloud Technology Stock Performance

GCT opened at $39.72 on Friday. The company’s 50-day simple moving average is $34.09 and its two-hundred day simple moving average is $23.83. The stock has a market capitalization of $1.62 billion, a P/E ratio of 17.27 and a beta of 1.99. GigaCloud Technology Inc. has a 52-week low of $5.11 and a 52-week high of $45.18.

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

Wall Street Analyst Weigh In

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

Check Out Our Latest Research Report on GigaCloud Technology

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. PAX Financial Group LLC purchased a new position in GigaCloud Technology in the third quarter worth about $141,000. Acadian Asset Management LLC bought a new position in GigaCloud Technology in the third quarter worth approximately $9,634,000. Ritholtz Wealth Management purchased a new position in shares of GigaCloud Technology during the 4th quarter worth $295,000. WINTON GROUP Ltd purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth $258,000. Finally, New York State Common Retirement Fund bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $1,895,000. 34.94% of the stock is owned by institutional investors.

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.