GigaCloud Technology (NASDAQ:GCT) Insider Sells 5,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 5,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $51.88, for a total value of $259,400.00. Following the completion of the sale, the insider directly owned 63,150 shares of the company’s stock, valued at $3,276,222. This represents a 7.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT traded up $0.14 during mid-day trading on Wednesday, reaching $51.66. 430,750 shares of the company traded hands, compared to its average volume of 761,553. The company’s fifty day moving average is $37.43 and its two-hundred day moving average is $39.85. GigaCloud Technology Inc. has a fifty-two week low of $25.15 and a fifty-two week high of $56.27. The stock has a market cap of $1.90 billion, a PE ratio of 12.21 and a beta of 1.65.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GCT. Strs Ohio raised its position in GigaCloud Technology by 3.7% in the 1st quarter. Strs Ohio now owns 11,100 shares of the company’s stock valued at $504,000 after purchasing an additional 400 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of GigaCloud Technology by 25.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after purchasing an additional 483 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of GigaCloud Technology by 10.2% during the fourth quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after purchasing an additional 485 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of GigaCloud Technology by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after buying an additional 759 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its stake in shares of GigaCloud Technology by 6.7% in the first quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after buying an additional 945 shares in the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on GCT. Weiss Ratings lowered shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 8th. Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report 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 research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, GigaCloud Technology has an average rating of “Hold”.

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.