Marshall Bernes Sells 10,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the insider directly owned 53,150 shares in the company, valued at approximately $2,816,950. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 value of $259,400.00.

GigaCloud Technology Stock Down 3.1%

Shares of GCT stock traded down $1.59 during trading hours on Monday, hitting $50.28. 387,776 shares of the company’s stock were exchanged, compared to its average volume of 742,144. GigaCloud Technology Inc. has a fifty-two week low of $25.15 and a fifty-two week high of $56.27. The firm has a market cap of $1.80 billion, a P/E ratio of 12.26 and a beta of 1.65. The firm has a 50 day moving average of $38.60 and a two-hundred day moving average of $40.08.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GCT shares. Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen cut GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, GigaCloud Technology has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GCT. Quarry LP purchased a new position in GigaCloud Technology in the 3rd quarter valued at $29,000. Larson Financial Group LLC purchased a new stake in shares of GigaCloud Technology during the third quarter worth $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of GigaCloud Technology in the third quarter valued at about $30,000. Tower Research Capital LLC TRC raised its position in shares of GigaCloud Technology by 25.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after buying an additional 483 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the first quarter worth about $60,000. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

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.