Insider Selling: GigaCloud Technology (NASDAQ:GCT) Insider Sells $530,000.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 10,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the insider owned 53,150 shares of the company’s stock, valued at approximately $2,816,950. The trade was a 15.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Marshall Bernes also recently made the following trade(s):

• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Trading Up 6.1%

GCT stock opened at $52.07 on Thursday. The stock’s 50 day simple moving average is $39.34 and its 200 day simple moving average is $40.22. GigaCloud Technology Inc. has a 12-month low of $25.15 and a 12-month high of $56.27. The firm has a market cap of $1.86 billion, a P/E ratio of 12.31 and a beta of 1.65.

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

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in GCT. Vanguard Group Inc. boosted its holdings in shares of GigaCloud Technology by 18.2% during the third quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock valued at $22,824,000 after acquiring an additional 123,596 shares during the period. LSV Asset Management lifted its position in GigaCloud Technology by 824.2% in the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after purchasing an additional 656,900 shares during the last quarter. Geode Capital Management LLC lifted its position in GigaCloud Technology by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 627,336 shares of the company’s stock valued at $24,646,000 after purchasing an additional 6,846 shares during the last quarter. State Street Corp boosted its stake in GigaCloud Technology by 1.8% during the 4th quarter. State Street Corp now owns 566,091 shares of the company’s stock valued at $22,236,000 after purchasing an additional 9,765 shares during the period. Finally, Nuveen LLC boosted its stake in GigaCloud Technology by 32.2% during the 4th quarter. Nuveen LLC now owns 542,454 shares of the company’s stock valued at $21,308,000 after purchasing an additional 132,107 shares during the period. 34.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

GigaCloud Technology Company Profile

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.