GigaCloud Technology (NASDAQ:GCT) CTO Sells $3,056,400.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 60,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer directly owned 657,540 shares of the company’s stock, valued at $33,495,087.60. This represents a 8.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

GigaCloud Technology Price Performance

GigaCloud Technology stock traded up $0.14 during midday trading on Wednesday, reaching $51.66. The company had a trading volume of 430,750 shares, compared to its average volume of 761,553. The company has a market capitalization of $1.90 billion, a P/E ratio of 12.21 and a beta of 1.65. GigaCloud Technology Inc. has a 12-month low of $25.15 and a 12-month high of $56.27. The firm’s fifty day simple moving average is $37.43 and its 200-day simple moving average is $39.85.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The company had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. On average, analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. KBC Group NV purchased a new position in GigaCloud Technology in the first quarter worth $1,740,000. Sei Investments Co. bought a new stake in shares of GigaCloud Technology during the 1st quarter worth $2,786,000. Cetera Investment Advisers boosted its holdings in shares of GigaCloud Technology by 55.2% in the 1st quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock worth $2,413,000 after buying an additional 18,914 shares during the last quarter. Renaissance Technologies LLC bought a new position in GigaCloud Technology during the first quarter valued at about $3,576,000. Finally, Y Intercept Hong Kong Ltd grew its position in GigaCloud Technology by 407.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company’s stock valued at $2,395,000 after buying an additional 42,384 shares during the period. 34.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

GCT has been the topic of several recent research reports. Weiss Ratings cut shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Wall Street Zen lowered shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 16th. Finally, Zacks Research cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, GigaCloud Technology currently has a consensus rating of “Hold”.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.