GigaCloud Technology (NASDAQ:GCT) Director Sells $159,360.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the sale, the director owned 21,057 shares in the company, valued at approximately $1,118,547.84. This represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Zhiwu Chen also recently made the following trade(s):

• On Wednesday, September 16th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00.
• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The stock was sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Trading Down 1.2%

Shares of GCT opened at $52.50 on Thursday. GigaCloud Technology Inc. has a 12 month low of $25.39 and a 12 month high of $56.27. The firm has a market cap of $1.87 billion, a P/E ratio of 12.41 and a beta of 1.65. The stock’s 50 day moving average is $48.26 and its two-hundred day moving average is $42.48.

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

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. LSV Asset Management boosted its position in GigaCloud Technology by 824.2% in the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after buying an additional 656,900 shares during the period. Dimensional Fund Advisors LP boosted its holdings in GigaCloud Technology by 252.3% in the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock valued at $21,424,000 after purchasing an additional 338,269 shares in the last quarter. Tieton Capital Management LLC acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at $6,257,000. Renaissance Technologies LLC acquired a new position in GigaCloud Technology in the first quarter valued at $3,576,000. Finally, Bank of America Corp DE boosted its position in shares of GigaCloud Technology by 184.3% in the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock valued at $4,536,000 after purchasing an additional 64,799 shares during the period. Hedge funds and other institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

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.