Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells 44,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $35.98, for a total transaction of $1,583,120.00. Following the completion of the sale, the chief executive officer now owns 973,816 shares in the company, valued at approximately $35,037,899.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Friday, April 19th, Lei Wu sold 14,177 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.10, for a total transaction of $511,789.70.
• On Wednesday, April 17th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $34.61, for a total transaction of $1,522,840.00.
• On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.56, for a total transaction of $1,432,640.00.
• On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.23, for a total transaction of $32,230.00.
• On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.86, for a total transaction of $31,860.00.
• On Monday, April 8th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $33.07, for a total transaction of $661,400.00.
• On Thursday, April 4th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00.
• On Monday, April 1st, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00.
• On Tuesday, March 26th, Lei Wu sold 6 shares of GigaCloud Technology stock. The shares were sold at an average price of $27.64, for a total transaction of $165.84.

GigaCloud Technology Stock Down 2.9 %

GigaCloud Technology stock traded down $1.09 during midday trading on Wednesday, reaching $35.91. The stock had a trading volume of 2,261,896 shares, compared to its average volume of 3,131,139. GigaCloud Technology Inc. has a 52-week low of $4.93 and a 52-week high of $45.18. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 15.61 and a beta of 2.26. The company has a fifty day moving average of $33.30 and a 200 day moving average of $21.82.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.29. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. The company had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. Equities research analysts predict that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Analyst Ratings Changes

Separately, Roth Mkm upped their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

Institutional Trading of GigaCloud Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GCT. Nations Financial Group Inc. IA ADV bought a new position in GigaCloud Technology in the 1st quarter worth about $1,201,000. SeaCrest Wealth Management LLC bought a new position in GigaCloud Technology in the 1st quarter worth about $391,000. Harbour Capital Advisors LLC bought a new position in GigaCloud Technology in the 1st quarter worth about $769,000. Nomura Holdings Inc. bought a new position in GigaCloud Technology in the 4th quarter worth about $991,000. Finally, Quadrature Capital Ltd bought a new position in GigaCloud Technology in the 4th quarter worth about $2,803,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

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.