GigaCloud Technology (NASDAQ:GCT) Shares Down 2% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) fell 2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $34.20 and last traded at $34.38. 1,350,640 shares were traded during trading, a decline of 57% from the average session volume of 3,109,106 shares. The stock had previously closed at $35.09.

Specifically, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other GigaCloud Technology news, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Lei Wu sold 1,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 550,287 shares of company stock valued at $16,328,105. Company insiders own 45.30% of the company’s stock.

Analyst Ratings Changes

Separately, Roth Mkm raised their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Trading Down 3.5 %

The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of 16.00 and a beta of 2.26. The stock has a 50-day moving average price of $32.90 and a 200 day moving average price of $20.97.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. Equities research analysts anticipate that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors have recently bought and sold shares of the company. CWM LLC purchased a new stake in GigaCloud Technology during the 4th quarter worth approximately $30,000. Quarry LP purchased a new stake in GigaCloud Technology during the 4th quarter worth approximately $47,000. State of Wyoming purchased a new stake in GigaCloud Technology during the 2nd quarter worth approximately $27,000. Morgan Stanley purchased a new stake in GigaCloud Technology during the 4th quarter worth approximately $25,000. Finally, Royal Bank of Canada purchased a new stake in GigaCloud Technology during the 4th quarter worth approximately $108,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.