GigaCloud Technology (NASDAQ:GCT) CEO Lei Wu Sells 70,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 70,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $45.28, for a total value of $3,169,600.00. Following the completion of the sale, the chief executive officer directly owned 608,090 shares in the company, valued at approximately $27,534,315.20. The trade was a 10.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, March 2nd, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.83, for a total transaction of $1,284,900.00.
• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.57, for a total transaction of $2,614,200.00.
• 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 shares were 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 stock was 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 stock was 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 shares were sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT traded down $1.33 during trading on Monday, hitting $43.01. The company had a trading volume of 994,909 shares, compared to its average volume of 619,576. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 12.25 and a beta of 2.24. The company has a fifty day simple moving average of $39.49 and a two-hundred day simple moving average of $34.11. GigaCloud Technology Inc. has a one year low of $11.17 and a one year high of $48.00.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GCT shares. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Wall Street Zen upgraded GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.00.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in GCT. Ameritas Investment Partners Inc. raised its holdings in GigaCloud Technology by 17.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,705 shares of the company’s stock worth $54,000 after purchasing an additional 405 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock worth $47,000 after buying an additional 483 shares during the last quarter. SG Americas Securities LLC raised its stake 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 acquiring an additional 485 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of GigaCloud Technology by 184.6% during the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after purchasing an additional 589 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in GigaCloud Technology by 14.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,853 shares of the company’s stock valued at $166,000 after buying an additional 759 shares during the last quarter. Institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

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.