GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu Sells 44,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.86, for a total value of $1,489,840.00. Following the completion of the transaction, the chief executive officer now owns 621,816 shares of the company’s stock, valued at approximately $21,054,689.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• On Tuesday, April 30th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $31.87, for a total value of $1,402,280.00.
• On Friday, April 26th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $35.89, for a total value of $1,579,160.00.
• On Wednesday, April 24th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.54, for a total value of $1,607,760.00.
• On Monday, April 22nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $35.98, for a total value of $1,583,120.00.
• On Friday, April 19th, Lei Wu sold 14,177 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.10, for a total value of $511,789.70.
• On Wednesday, April 17th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $34.61, for a total value of $1,522,840.00.
• On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.56, for a total value of $1,432,640.00.
• On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $32.23, for a total value of $32,230.00.
• On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $31.86, for a total value of $31,860.00.
• 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 value of $661,400.00.

GigaCloud Technology Stock Performance

GCT traded up $2.57 on Friday, hitting $37.27. 2,964,211 shares of the company were exchanged, compared to its average volume of 3,061,496. The firm has a fifty day simple moving average of $33.68 and a two-hundred day simple moving average of $22.97. GigaCloud Technology Inc. has a 12 month low of $4.97 and a 12 month high of $45.18. The stock has a market capitalization of $1.52 billion, a PE ratio of 16.20 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The business had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. On average, equities analysts expect that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently made changes to their positions in GCT. CWM LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $30,000. Quarry LP purchased a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $47,000. PAX Financial Group LLC purchased a new position in shares of GigaCloud Technology during the third quarter valued at approximately $141,000. Tucker Asset Management LLC boosted its position in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after purchasing an additional 7,499 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $172,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. 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.