GigaCloud Technology (NASDAQ:GCT) Shares Down 3.5% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price fell 3.5% on Tuesday following insider selling activity. The stock traded as low as $35.79 and last traded at $35.79. 1,056,048 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 3,101,440 shares. The stock had previously closed at $37.09.

Specifically, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the transaction, the director now owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the transaction, the director now owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $35.98, for a total value of $1,583,120.00. Following the transaction, the chief executive officer now owns 973,816 shares of the company’s stock, valued at approximately $35,037,899.68. The disclosure for this sale can be found here. Insiders sold a total of 608,464 shares of company stock worth $18,423,015 in the last quarter.

Wall Street Analyst Weigh In

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

GigaCloud Technology Trading Down 2.9 %

The stock has a 50-day simple moving average of $33.30 and a two-hundred day simple moving average of $21.82. The firm has a market capitalization of $1.46 billion, a P/E ratio of 15.61 and a beta of 2.26.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GCT. Acadian Asset Management LLC bought a new position in shares of GigaCloud Technology in the 3rd quarter worth $9,634,000. New York State Common Retirement Fund acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $1,895,000. Quadrature Capital Ltd acquired a new position in GigaCloud Technology during the 4th quarter valued at about $2,803,000. Pacific Ridge Capital Partners LLC acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $586,000. Finally, Nomura Holdings Inc. acquired a new position in GigaCloud Technology during the 4th quarter valued at about $991,000. 34.94% of the stock is owned by institutional investors.

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.