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

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price gapped down prior to trading 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.

Specifically, Director Frank Hurst Lin sold 133,097 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares of the company’s stock, valued at $175,119,494.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Frank Hurst Lin sold 133,097 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares in the company, valued at $175,119,494.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 890,464 shares of company stock valued at $28,675,035. 45.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

GigaCloud Technology Trading Up 1.5 %

The stock has a fifty day simple moving average of $34.09 and a two-hundred day simple moving average of $23.83. The company has a market cap of $1.62 billion, a PE ratio of 17.27 and a beta of 1.99.

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

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently made changes to their positions in the stock. CWM LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology during the 4th quarter worth $47,000. PAX Financial Group LLC purchased a new stake in shares of GigaCloud Technology in the 3rd quarter worth about $141,000. Tucker Asset Management LLC grew its stake in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $172,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

About GigaCloud Technology

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.