GigaCloud Technology (NASDAQ:GCT) Insider Sells $259,400.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 5,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00. Following the completion of the transaction, the insider directly owned 63,150 shares of the company’s stock, valued at $3,276,222. This trade represents a 7.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

GigaCloud Technology Stock Down 2.6%

Shares of GCT opened at $51.87 on Friday. The company has a 50-day moving average price of $38.23 and a two-hundred day moving average price of $40.01. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 12.26 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.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $380.63 million. Equities research analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Institutional Trading of GigaCloud Technology

Several hedge funds have recently modified their holdings of GCT. LSV Asset Management boosted its holdings in shares of GigaCloud Technology by 824.2% in the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock worth $28,934,000 after acquiring an additional 656,900 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in GigaCloud Technology during the 3rd quarter worth approximately $14,335,000. Dimensional Fund Advisors LP grew its position in GigaCloud Technology by 252.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after acquiring an additional 338,269 shares during the last quarter. UBS Group AG increased its holdings in GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock valued at $12,553,000 after purchasing an additional 252,934 shares in the last quarter. Finally, Tieton Capital Management LLC acquired a new stake in GigaCloud Technology during the 2nd quarter valued at $6,257,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analyst Upgrades and Downgrades

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