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

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded down 3.5% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $35.79 and last traded at $35.79. 1,056,048 shares were traded 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, CTO Xin Wan sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Frank Hurst Lin sold 94,413 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total value of $2,585,027.94. Following the sale, the director now directly owns 5,669,889 shares of the company’s stock, valued at $155,241,560.82. The disclosure for this sale can be found here. Insiders sold a total of 608,464 shares of company stock valued at $18,423,015 in the last ninety days.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Performance

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 business has a fifty day moving average of $33.30 and a two-hundred day moving average of $21.82.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, equities research analysts forecast that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently modified their holdings of GCT. New York State Common Retirement Fund acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $1,895,000. State of New Jersey Common Pension Fund D acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $172,000. Pacific Ridge Capital Partners LLC acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $586,000. WINTON GROUP Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $258,000. Finally, PAX Financial Group LLC acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $141,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.