Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CEO Sells $1,402,280.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $31.87, for a total transaction of $1,402,280.00. Following the completion of the sale, the chief executive officer now owns 709,816 shares in the company, valued at $22,621,835.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Thursday, May 2nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.86, for a total transaction of $1,489,840.00.
• On Friday, April 26th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $35.89, for a total transaction of $1,579,160.00.
• On Wednesday, April 24th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.54, for a total transaction of $1,607,760.00.
• On Monday, April 22nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $35.98, for a total transaction of $1,583,120.00.
• 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 stock was 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 stock was 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.

GigaCloud Technology Stock Performance

Shares of GCT opened at $37.27 on Friday. The company has a 50 day moving average price of $33.68 and a 200-day moving average price of $22.97. GigaCloud Technology Inc. has a fifty-two week low of $4.97 and a fifty-two week high of $45.18. The stock has a market capitalization of $1.52 billion, a PE ratio of 16.20 and a beta of 1.99.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GCT. Acadian Asset Management LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $9,634,000. New York State Common Retirement Fund acquired a new position in GigaCloud Technology during the 3rd quarter valued at approximately $1,895,000. Quadrature Capital Ltd acquired a new position in GigaCloud Technology during the 4th quarter valued at approximately $2,803,000. Pacific Ridge Capital Partners LLC acquired a new position in GigaCloud Technology during the 3rd quarter valued at approximately $586,000. Finally, Nomura Holdings Inc. acquired a new position in GigaCloud Technology during the 4th quarter valued at approximately $991,000. Institutional investors own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Roth Mkm boosted their price objective 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.

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.