GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $26.16

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $26.16, but opened at $28.00. GigaCloud Technology shares last traded at $28.32, with a volume of 665,457 shares changing hands.

Wall Street Analyst Weigh In

Separately, Roth Mkm increased their target price on GigaCloud Technology from $16.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, December 7th.

GigaCloud Technology Price Performance

The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 12.11 and a beta of 2.40. The firm has a fifty day moving average of $30.21 and a 200 day moving average of $18.60.

Insider Buying and Selling

In other news, CFO David Kwok Hei Lau sold 2,619 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the completion of the transaction, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the transaction, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 136,804 shares of company stock worth $4,158,574. Company insiders own 45.30% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $25,000. State of Wyoming purchased a new stake in GigaCloud Technology in the 2nd quarter valued at approximately $27,000. CWM LLC purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $30,000. Quarry LP purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $47,000. Finally, UBS Group AG purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth $61,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.