Insider Selling: GigaCloud Technology (NASDAQ:GCT) Insider Sells $749,478.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 13,800 shares of GigaCloud Technology stock in a transaction on Friday, September 25th. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00. Following the completion of the sale, the insider owned 7,150 shares in the company, valued at approximately $388,316.50. This trade represents a 65.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Marshall Bernes also recently made the following trade(s):

• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Stock Performance

Shares of GCT opened at $53.98 on Monday. GigaCloud Technology Inc. has a 1-year low of $25.39 and a 1-year high of $56.27. The firm’s 50-day moving average price is $48.89 and its 200-day moving average price is $42.63. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 12.76 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly 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. The company had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. On average, research analysts forecast that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GCT shares. Wall Street Zen upgraded GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new stake in GigaCloud Technology in the second quarter worth about $334,000. Integrated Wealth Concepts LLC purchased a new position in shares of GigaCloud Technology during the second quarter valued at approximately $30,000. Squarepoint Ops LLC boosted its position in shares of GigaCloud Technology by 341.5% in the 2nd quarter. Squarepoint Ops LLC now owns 41,673 shares of the company’s stock worth $1,317,000 after purchasing an additional 32,234 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of GigaCloud Technology in the 2nd quarter worth approximately $766,000. Finally, Globeflex Capital L P purchased a new stake in shares of GigaCloud Technology in the 2nd quarter worth approximately $1,561,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.