Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO Sells $2,614,200.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 60,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $43.57, for a total value of $2,614,200.00. Following the completion of the transaction, the chief executive officer owned 548,090 shares in the company, valued at approximately $23,880,281.30. This trade represents a 9.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Lei Wu also recently made the following trade(s):

• On Monday, March 2nd, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.83, for a total value of $1,284,900.00.
• On Thursday, February 26th, Lei Wu sold 70,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $45.28, for a total transaction of $3,169,600.00.
• On Thursday, January 22nd, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00.
• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.26, for a total transaction of $8,454.60.
• On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.01, for a total transaction of $68,017.00.
• On Friday, January 16th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $41.34, for a total transaction of $826,800.00.
• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.94, for a total transaction of $818,800.00.
• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.39, for a total value of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.08, for a total value of $841,600.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Stock Performance

GCT stock opened at $44.40 on Thursday. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $48.00. The firm has a market cap of $1.65 billion, a P/E ratio of 12.27 and a beta of 2.24. The stock has a 50-day simple moving average of $39.62 and a 200-day simple moving average of $34.25.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, February 26th. The company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.65 by $0.39. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The firm had revenue of $362.75 million for the quarter, compared to analyst estimates of $332.33 million. During the same period in the previous year, the company posted $0.76 EPS. GigaCloud Technology’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on GCT shares. Wall Street Zen upgraded GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Finally, Zacks Research lowered GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GCT. Ameritas Investment Partners Inc. raised its stake in GigaCloud Technology by 17.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after acquiring an additional 405 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of GigaCloud Technology by 25.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after purchasing an additional 483 shares during the last quarter. SG Americas Securities LLC raised its position in shares of GigaCloud Technology by 10.2% during the 4th quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after purchasing an additional 485 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after purchasing an additional 589 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in GigaCloud Technology by 14.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after purchasing an additional 759 shares during the period. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.