GigaCloud Technology (NASDAQ:GCT) Shares Down 3.8% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price fell 3.8% on Monday following insider selling activity. The stock traded as low as $33.85 and last traded at $34.00. 375,357 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,058,962 shares. The stock had previously closed at $35.35.

Specifically, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction on Tuesday, March 19th. The shares were 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 $175,119,494.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now owns 947,540 shares in the company, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frank Hurst Lin sold 133,097 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 5,764,302 shares of the company’s stock, valued at approximately $175,119,494.76. The disclosure for this sale can be found here. Insiders sold 696,464 shares of company stock worth $21,609,935 over the last 90 days.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Stock Down 6.4 %

The business’s 50-day simple moving average is $33.50 and its two-hundred day simple moving average is $22.62. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 13.82 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last issued 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. The business had revenue of $244.74 million during the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, analysts expect that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Institutional Trading of GigaCloud Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. CWM LLC purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $30,000. Quarry LP purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $47,000. Tucker Asset Management LLC grew its stake in GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $207,000. Finally, Avantax Advisory Services Inc. purchased a new stake in GigaCloud Technology during the 4th quarter valued at about $226,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.