GigaCloud Technology (NASDAQ:GCT) Shares Gap Down After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $41.11, but opened at $39.23. GigaCloud Technology shares last traded at $40.85, with a volume of 783,104 shares trading hands.

Specifically, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the transaction, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at approximately $37,178,792.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the transaction, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at approximately $25,829,940.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 890,464 shares of company stock worth $28,675,035. Corporate insiders own 45.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price target on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Price Performance

The business has a fifty day moving average of $34.09 and a 200 day moving average of $23.83. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 17.27 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.29. The firm had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, equities research analysts expect that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC acquired a new position in GigaCloud Technology during the 4th quarter worth approximately $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $47,000. Tucker Asset Management LLC increased its holdings in GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares during the last quarter. Foundations Investment Advisors LLC acquired a new stake in GigaCloud Technology in the fourth quarter valued at $207,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of GigaCloud Technology during the 4th quarter worth about $226,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.