Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells 1,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00. Following the sale, the chief executive officer now directly owns 1,258,816 shares of the company’s stock, valued at $40,105,877.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Lei Wu also recently made the following trade(s):

• On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.07, for a total transaction of $661,400.00.
• On Thursday, April 4th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00.
• On Monday, April 1st, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00.
• On Tuesday, March 26th, Lei Wu sold 6 shares of GigaCloud Technology stock. The stock was sold at an average price of $27.64, for a total transaction of $165.84.

GigaCloud Technology Trading Down 6.1 %

NASDAQ:GCT traded down $2.05 on Friday, reaching $31.75. The stock had a trading volume of 1,804,701 shares, compared to its average volume of 3,129,768. The company has a 50-day moving average of $32.41 and a 200 day moving average of $20.25. The stock has a market cap of $1.29 billion, a P/E ratio of 13.80 and a beta of 2.26. GigaCloud Technology Inc. has a 12-month low of $4.93 and a 12-month high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last posted 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. The company had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, equities analysts predict that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors have recently modified their holdings of the stock. Nomura Holdings Inc. acquired a new stake in GigaCloud Technology during the fourth quarter worth about $991,000. Quadrature Capital Ltd acquired a new stake in GigaCloud Technology during the fourth quarter worth about $2,803,000. Tucker Asset Management LLC raised its stake in GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the period. Quarry LP acquired a new stake in GigaCloud Technology during the fourth quarter worth about $47,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in GigaCloud Technology during the fourth quarter worth about $731,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.