GigaCloud Technology (NASDAQ:GCT) Shares Down 3.1% – Time to Sell?

GigaCloud Technology Inc. (NASDAQ:GCT) was down 3.1% on Tuesday . The company traded as low as $20.55 and last traded at $20.74. Approximately 273,513 shares traded hands during trading, a decline of 74% from the average daily volume of 1,071,634 shares. The stock had previously closed at $21.40.

GigaCloud Technology Stock Down 2.5 %

The company has a market cap of $802.23 million, a price-to-earnings ratio of 6.20 and a beta of 1.92. The stock’s 50-day simple moving average is $21.74 and its 200 day simple moving average is $23.62.

Insider Activity at GigaCloud Technology

In other news, CTO Xin Wan sold 80,000 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $22.14, for a total value of $1,771,200.00. Following the sale, the chief technology officer now directly owns 867,540 shares in the company, valued at approximately $19,207,335.60. This trade represents a 8.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $21.80, for a total value of $58,055,056.80. Following the completion of the sale, the insider now owns 1,406,813 shares in the company, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,811,979 shares of company stock worth $61,233,745. Corporate insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in GigaCloud Technology in the third quarter valued at about $1,083,000. Segall Bryant & Hamill LLC purchased a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $1,556,000. Principal Financial Group Inc. acquired a new position in GigaCloud Technology during the third quarter worth $1,442,000. Charles Schwab Investment Management Inc. grew its holdings in GigaCloud Technology by 279.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after acquiring an additional 158,033 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in GigaCloud Technology by 60.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock worth $2,772,000 after acquiring an additional 34,318 shares in the last quarter. 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 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.