GigaCloud Technology (NASDAQ:GCT) Shares Down 3.1% – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price dropped 3.1% during trading on Tuesday . The stock traded as low as $20.55 and last traded at $20.74. Approximately 273,513 shares were traded during trading, a decline of 74% from the average daily volume of 1,071,634 shares. The stock had previously closed at $21.40.

GigaCloud Technology Stock Down 6.9 %

The firm has a 50-day moving average price of $21.92 and a two-hundred day moving average price of $23.72. The firm has a market cap of $816.16 million, a PE ratio of 6.30 and a beta of 1.92.

Insiders Place Their Bets

In related news, CTO Xin Wan sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the transaction, the chief technology officer now owns 867,540 shares of the company’s stock, valued at approximately $19,207,335.60. This trade represents a 8.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Marshall Bernes acquired 5,000 shares of the company’s stock in a transaction dated Friday, December 27th. The stock was purchased at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $787,500. This represents a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,811,979 shares of company stock valued at $61,233,745 in the last three months. 43.00% of the stock is currently owned by insiders.

Institutional Trading of GigaCloud Technology

A number of institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in GigaCloud Technology by 446.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company’s stock worth $2,314,000 after acquiring an additional 82,250 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of GigaCloud Technology during the third quarter worth about $1,442,000. Franklin Resources Inc. increased its position in shares of GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after purchasing an additional 135,726 shares in the last quarter. Invst LLC lifted its holdings in shares of GigaCloud Technology by 54.3% in the 3rd quarter. Invst LLC now owns 17,289 shares of the company’s stock valued at $397,000 after purchasing an additional 6,081 shares during the last quarter. Finally, Second Line Capital LLC boosted its position in shares of GigaCloud Technology by 17.2% in the 3rd quarter. Second Line Capital LLC now owns 102,480 shares of the company’s stock valued at $2,355,000 after purchasing an additional 15,028 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

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.