GigaCloud Technology (NASDAQ:GCT) Director Zhiwu Chen Sells 1,500 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00. Following the transaction, the director directly owned 24,057 shares of the company’s stock, valued at approximately $1,274,058.72. This trade represents a 5.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Zhiwu Chen also recently made the following trade(s):

• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The stock was sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $51.64 on Thursday. GigaCloud Technology Inc. has a 1 year low of $25.39 and a 1 year high of $56.27. The stock has a market capitalization of $1.84 billion, a PE ratio of 12.21 and a beta of 1.65. The business’s 50-day moving average is $46.52 and its 200 day moving average is $42.15.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The business had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. As a group, equities research analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently bought and sold shares of the stock. LSV Asset Management lifted its holdings in shares of GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after purchasing an additional 656,900 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of GigaCloud Technology by 252.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after buying an additional 338,269 shares during the last quarter. Tieton Capital Management LLC purchased a new stake in shares of GigaCloud Technology in the 2nd quarter worth approximately $6,257,000. Renaissance Technologies LLC bought a new position in GigaCloud Technology during the 1st quarter valued at approximately $3,576,000. Finally, Bank of America Corp DE increased its position in GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock valued at $4,536,000 after buying an additional 64,799 shares in the last quarter. 34.94% of the stock is owned by institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.