GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.8% Following Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) was down 3.8% during trading on Monday following insider selling activity. The stock traded as low as $33.85 and last traded at $34.00. Approximately 375,357 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 3,058,962 shares. The stock had previously closed at $35.35.

Specifically, COO Xinyan Hao sold 1,088 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a document filed with the SEC, which is available at this link. In other GigaCloud Technology news, CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $36.54, for a total transaction of $1,607,760.00. Following the transaction, the chief executive officer now directly owns 885,816 shares in the company, valued at approximately $32,367,716.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 652,464 shares of company stock valued at $20,030,775.

Wall Street Analyst Weigh In

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 note on Tuesday, April 2nd.

GigaCloud Technology Stock Down 3.7 %

The stock has a market cap of $1.38 billion, a PE ratio of 15.37 and a beta of 2.27. The business has a 50 day moving average price of $33.39 and a 200 day moving average price of $22.28.

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 company had revenue of $244.74 million during 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, research analysts predict that GigaCloud Technology Inc. will post 2.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently made changes to their positions in the company. CWM LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $30,000. Quarry LP purchased a new position in GigaCloud Technology in the fourth quarter worth approximately $47,000. Tucker Asset Management LLC grew its position in GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the period. Foundations Investment Advisors LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter worth $207,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter worth $226,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.