GigaCloud Technology Inc. $GCT Shares Sold by Hussman Strategic Advisors Inc.

Hussman Strategic Advisors Inc. lessened its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 58.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 52,500 shares of the company’s stock after selling 73,500 shares during the period. Hussman Strategic Advisors Inc.’s holdings in GigaCloud Technology were worth $2,062,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of GCT. Royal Bank of Canada raised its stake in shares of GigaCloud Technology by 91.4% in the 1st quarter. Royal Bank of Canada now owns 46,638 shares of the company’s stock valued at $661,000 after purchasing an additional 22,273 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of GigaCloud Technology by 355.1% in the 1st quarter. AQR Capital Management LLC now owns 99,669 shares of the company’s stock valued at $1,415,000 after purchasing an additional 77,769 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of GigaCloud Technology by 34.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,230 shares of the company’s stock valued at $458,000 after purchasing an additional 8,274 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of GigaCloud Technology by 2,444.8% in the 1st quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock valued at $60,000 after purchasing an additional 4,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of GigaCloud Technology by 24.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company’s stock valued at $2,017,000 after purchasing an additional 28,309 shares in the last quarter. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of GigaCloud Technology in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $33.00.

Insider Activity

In related news, CTO Xin Wan sold 100,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the sale, the chief technology officer owned 717,540 shares in the company, valued at $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lei Wu sold 32,481 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $40.41, for a total transaction of $1,312,557.21. Following the sale, the chief executive officer owned 60,000 shares in the company, valued at approximately $2,424,600. This trade represents a 35.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 598,090 shares of company stock worth $25,666,400. 24.71% of the stock is owned by company insiders.

GigaCloud Technology Stock Up 1.4%

GCT opened at $45.10 on Friday. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 12.46 and a beta of 1.83. GigaCloud Technology Inc. has a fifty-two week low of $12.88 and a fifty-two week high of $51.86. The company’s 50-day moving average price is $43.64 and its 200 day moving average price is $38.80.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Friday, February 27th. The company reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.39. The firm had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. GigaCloud Technology’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.76 earnings per share. Research analysts anticipate that GigaCloud Technology Inc. will post 4.1 earnings per share for the current year.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.