GigaCloud Technology (NASDAQ:GCT) Insider Sells $240,949.26 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 4,497 shares of the stock in a transaction that occurred on Thursday, September 24th. The shares were sold at an average price of $53.58, for a total transaction of $240,949.26. Following the completion of the sale, the insider directly owned 20,950 shares of the company’s stock, valued at $1,122,501. This trade represents a 17.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Marshall Bernes also recently made the following trade(s):

• On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00.
• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.47, for a total transaction of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Price Performance

NASDAQ:GCT opened at $51.68 on Thursday. The firm has a 50-day moving average of $49.70 and a two-hundred day moving average of $42.82. The stock has a market cap of $1.85 billion, a P/E ratio of 12.22 and a beta of 1.65. GigaCloud Technology Inc. has a 1-year low of $25.39 and a 1-year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. The business had revenue of $411.64 million for 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 analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, September 26th. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, September 24th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new stake in shares of GigaCloud Technology during the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. acquired a new position in GigaCloud Technology in the first quarter valued at approximately $60,000. Archer Investment Corp bought a new stake in shares of GigaCloud Technology in the 1st quarter worth approximately $97,000. Pictet Asset Management Holding SA bought a new stake in shares of GigaCloud Technology in the 1st quarter worth approximately $203,000. Finally, Moran Wealth Management LLC acquired a new position in GigaCloud Technology during the 1st quarter valued at approximately $247,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Company Profile

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.