Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO Sells 20,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 20,000 shares of the stock in a transaction on Friday, January 16th. The shares were sold at an average price of $41.34, for a total value of $826,800.00. Following the completion of the transaction, the chief executive officer directly owned 700,000 shares in the company, valued at $28,938,000. This trade represents a 2.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.94, for a total value 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 shares were 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 stock was sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Stock Down 2.8%

GCT traded down $1.17 on Friday, reaching $40.41. The company’s stock had a trading volume of 382,902 shares, compared to its average volume of 430,149. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 12.45 and a beta of 2.28. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $44.71. The stock has a 50 day moving average of $38.16 and a two-hundred day moving average of $30.58.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The business had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same quarter in the previous year, the firm earned $1.15 EPS. The company’s revenue was up 9.7% compared to the same quarter last year. As a group, analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on GCT shares. Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Zacks Research raised GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 10th. Finally, Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp boosted its stake in shares of GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after buying an additional 589 shares during the period. Quarry LP acquired a new position in GigaCloud Technology in the 3rd quarter valued at about $29,000. Larson Financial Group LLC purchased a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter worth approximately $30,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of GigaCloud Technology in the 2nd quarter valued at approximately $35,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

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.