Marshall Bernes Sells 12,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 12,000 shares of the stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00. Following the completion of the sale, the insider directly owned 41,150 shares in the company, valued at approximately $2,200,290.50. The trade was a 22.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Marshall Bernes also recently made the following trade(s):

• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Price Performance

NASDAQ:GCT traded down $0.62 during trading hours on Wednesday, hitting $52.50. The stock had a trading volume of 554,456 shares, compared to its average volume of 617,576. The company has a 50 day simple moving average of $48.26 and a two-hundred day simple moving average of $42.48. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 12.41 and a beta of 1.65. GigaCloud Technology Inc. has a one year low of $25.39 and a one year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $380.63 million. Equities research analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold”.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in GigaCloud Technology in the second quarter worth $30,000. Meeder Asset Management Inc. bought a new position in shares of GigaCloud Technology during the first quarter valued at about $60,000. Archer Investment Corp purchased a new position in shares of GigaCloud Technology in the first quarter worth about $97,000. Pictet Asset Management Holding SA bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at about $203,000. Finally, Moran Wealth Management LLC bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at about $247,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.