Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO Sells 60,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 60,000 shares of GigaCloud Technology stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $43.57, for a total value of $2,614,200.00. Following the transaction, the chief executive officer directly owned 548,090 shares in the company, valued at $23,880,281.30. The trade was a 9.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Monday, March 2nd, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.83, for a total value of $1,284,900.00.
• 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 stock was sold at an average price of $40.78, for a total value of $815,600.00.
• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.26, for a total value of $8,454.60.
• On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The stock was 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 shares were 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 stock was 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 shares were sold at an average price of $43.39, for a total transaction of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.08, for a total transaction of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Stock Performance

Shares of GCT stock traded down $1.33 during mid-day trading on Monday, hitting $43.01. The company’s stock had a trading volume of 994,909 shares, compared to its average volume of 619,576. The company’s fifty day simple moving average is $39.49 and its 200-day simple moving average is $34.11. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $48.00. The company has a market cap of $1.59 billion, a PE ratio of 11.88 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Thursday, February 26th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The company had revenue of $362.75 million for the quarter, compared to the consensus estimate of $332.33 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 30.74%. GigaCloud Technology’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.76 EPS. On average, equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Analyst Ratings Changes

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

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently bought and sold shares of the business. Nordea Investment Management AB bought a new position in GigaCloud Technology in the 3rd quarter valued at $3,852,000. Hussman Strategic Advisors Inc. purchased a new position in shares of GigaCloud Technology in the 3rd quarter worth about $3,578,000. Teacher Retirement System of Texas bought a new position in GigaCloud Technology during the third quarter valued at about $952,000. Inspire Investing LLC bought a new position in GigaCloud Technology during the third quarter valued at about $1,040,000. Finally, Ethos Financial Group LLC increased its holdings in GigaCloud Technology by 53.5% during the second quarter. Ethos Financial Group LLC now owns 62,515 shares of the company’s stock worth $1,237,000 after buying an additional 21,798 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

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.