GigaCloud Technology (NASDAQ:GCT) Stock Price Down 4.9%

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price was down 4.9% during trading on Tuesday . The stock traded as low as $25.82 and last traded at $26.34. Approximately 1,229,470 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 3,135,065 shares. The stock had previously closed at $27.71.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Trading Up 2.2 %

The company has a market capitalization of $1.06 billion, a P/E ratio of 11.37 and a beta of 2.40. The business’s fifty day moving average price is $30.21 and its 200-day moving average price is $18.60.

Insiders Place Their Bets

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the business’s 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 sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other GigaCloud Technology news, CFO David Kwok Hei Lau sold 2,619 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders sold 136,804 shares of company stock valued at $4,158,574 over the last three months. Insiders own 45.30% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently modified their holdings of GCT. UBS Group AG purchased a new position in shares of GigaCloud Technology during the third quarter valued at about $61,000. Marshall Wace LLP purchased a new position in shares of GigaCloud Technology during the third quarter valued at about $1,425,000. Geode Capital Management LLC bought a new stake in GigaCloud Technology during the fourth quarter worth about $102,000. Verition Fund Management LLC boosted its stake in GigaCloud Technology by 123.8% during the fourth quarter. Verition Fund Management LLC now owns 73,789 shares of the company’s stock worth $420,000 after acquiring an additional 40,824 shares in the last quarter. Finally, Morgan Stanley bought a new stake in GigaCloud Technology during the fourth quarter worth about $25,000. Hedge funds and other institutional investors 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.