Marshall Bernes Sells 5,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 5,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $51.88, for a total transaction of $259,400.00. Following the completion of the sale, the insider directly owned 63,150 shares in the company, valued at approximately $3,276,222. This represents a 7.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

GigaCloud Technology Trading Up 3.0%

GigaCloud Technology stock opened at $53.23 on Friday. The stock has a market cap of $1.96 billion, a P/E ratio of 12.58 and a beta of 1.65. The company has a fifty day simple moving average of $37.83 and a 200-day simple moving average of $39.93. GigaCloud Technology Inc. has a 12-month low of $25.15 and a 12-month high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in GigaCloud Technology by 18.2% during the 3rd quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock worth $22,824,000 after purchasing an additional 123,596 shares during the period. LSV Asset Management grew its position in GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock worth $28,934,000 after purchasing an additional 656,900 shares during the last quarter. Geode Capital Management LLC increased its stake in GigaCloud Technology by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 627,336 shares of the company’s stock valued at $24,646,000 after purchasing an additional 6,846 shares during the period. State Street Corp increased its stake in GigaCloud Technology by 1.8% in the fourth quarter. State Street Corp now owns 566,091 shares of the company’s stock valued at $22,236,000 after purchasing an additional 9,765 shares during the period. Finally, Nuveen LLC raised its holdings in shares of GigaCloud Technology by 32.2% in the fourth quarter. Nuveen LLC now owns 542,454 shares of the company’s stock valued at $21,308,000 after buying an additional 132,107 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GCT has been the topic of several research analyst reports. Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 8th. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Wall Street Zen lowered shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, GigaCloud Technology presently has an average rating of “Hold”.

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.