GigaCloud Technology (NASDAQ:GCT) Trading Down 5.1% – Should You Sell?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price dropped 5.1% during trading on Friday . The stock traded as low as $21.60 and last traded at $21.55. Approximately 576,420 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 969,980 shares. The stock had previously closed at $22.71.

GigaCloud Technology Price Performance

The stock has a market cap of $871.92 million, a price-to-earnings ratio of 6.73 and a beta of 1.92. The business’s 50-day simple moving average is $20.80 and its two-hundred day simple moving average is $22.48.

Insider Buying and Selling at GigaCloud Technology

In other news, insider Marshall Bernes bought 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the transaction, the insider now owns 45,000 shares of the company’s stock, valued at $787,500. This trade represents a 12.50 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Xin Wan sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 in the company, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,811,979 shares of company stock worth $61,233,745. 43.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently bought and sold shares of GCT. Geode Capital Management LLC raised its position in shares of GigaCloud Technology by 90.7% in the 3rd quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock worth $13,265,000 after acquiring an additional 274,506 shares in the last quarter. State Street Corp increased its position in shares of GigaCloud Technology by 31.7% during the third quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after acquiring an additional 121,037 shares in the last quarter. 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 acquiring an additional 135,726 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in GigaCloud Technology in the 3rd quarter valued at about $6,956,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after purchasing an additional 158,033 shares during the last quarter. Institutional investors own 34.94% of the company’s stock.

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.