Insider Selling: GigaCloud Technology (NASDAQ:GCT) Insider Sells $841,366.74 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 15,703 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total value of $841,366.74. Following the completion of the transaction, the insider directly owned 25,447 shares in the company, valued at approximately $1,363,450.26. This represents a 38.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The stock was sold at an average price of $54.31, for a total value of $749,478.00.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.47, for a total value of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Trading Up 0.1%

Shares of GCT stock opened at $53.98 on Friday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.76 and a beta of 1.65. GigaCloud Technology Inc. has a 1 year low of $25.39 and a 1 year high of $56.27. The firm’s fifty day simple moving average is $48.89 and its 200 day simple moving average is $42.64.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. Equities research analysts anticipate 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 the company. Integrated Wealth Concepts LLC acquired a new position in shares of GigaCloud Technology in the 2nd quarter worth approximately $30,000. Meeder Asset Management Inc. acquired a new stake in GigaCloud Technology during the 1st quarter valued at $60,000. Archer Investment Corp acquired a new stake in GigaCloud Technology during the 1st quarter valued at $97,000. Pictet Asset Management Holding SA acquired a new stake in GigaCloud Technology during the 1st quarter valued at $203,000. Finally, Moran Wealth Management LLC bought a new position in GigaCloud Technology in the 1st quarter valued at $247,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Analysts Set New Price Targets

GCT has been the topic of a number of recent research reports. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.