Lei Wu Sells 30,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 30,000 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $42.83, for a total value of $1,284,900.00. Following the completion of the sale, the chief executive officer owned 518,090 shares in the company, valued at $22,189,794.70. This represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.57, for a total value of $2,614,200.00.
• On Thursday, February 26th, Lei Wu sold 70,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $45.28, for a total value of $3,169,600.00.
• On Thursday, January 22nd, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00.
• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.26, for a total transaction of $8,454.60.
• On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.01, for a total transaction of $68,017.00.
• On Friday, January 16th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $41.34, for a total transaction of $826,800.00.
• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.94, for a total transaction of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.39, for a total value of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.08, for a total value of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Stock Down 3.0%

GCT traded down $1.33 during trading on Monday, reaching $43.01. The company had a trading volume of 994,909 shares, compared to its average volume of 619,576. The business has a 50 day simple moving average of $39.49 and a 200-day simple moving average of $34.11. The stock has a market cap of $1.59 billion, a P/E ratio of 11.88 and a beta of 2.24. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $48.00.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, February 26th. The company reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.39. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. The business had revenue of $362.75 million for the quarter, compared to the consensus estimate of $332.33 million. During the same quarter in the prior year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. As a group, equities research analysts expect that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GCT. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Finally, Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after buying an additional 589 shares during the period. Quarry LP bought a new stake in shares of GigaCloud Technology in the third quarter valued at about $29,000. Larson Financial Group LLC purchased a new stake in GigaCloud Technology in the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in GigaCloud Technology in the third quarter worth about $30,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in GigaCloud Technology during the 4th quarter worth about $44,000. 34.94% of the stock is owned by institutional investors.

About GigaCloud Technology

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.