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 GigaCloud Technology stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $42.08, for a total value of $841,600.00. Following the completion of the sale, the chief executive officer directly owned 800,000 shares in the company, valued at $33,664,000. This trade represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.39, for a total value of $867,800.00.
• 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 Stock Performance

NASDAQ:GCT traded down $2.67 during trading hours on Tuesday, reaching $41.74. The stock had a trading volume of 653,984 shares, compared to its average volume of 444,964. The stock has a market capitalization of $1.55 billion, a PE ratio of 12.50 and a beta of 2.28. GigaCloud Technology Inc. has a 52 week low of $11.17 and a 52 week high of $44.71. The company has a 50 day moving average price of $37.42 and a two-hundred day moving average price of $30.29.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. The firm had revenue of $332.64 million during the quarter, compared to analyst estimates of $300.96 million. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. GigaCloud Technology’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm posted $1.15 earnings per share. Equities research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC grew its holdings in GigaCloud Technology by 10.2% during the fourth quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock worth $206,000 after acquiring an additional 485 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at about $44,000. NorthCrest Asset Manangement LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $565,000. Nordea Investment Management AB boosted its holdings in GigaCloud Technology by 2.3% during the fourth quarter. Nordea Investment Management AB now owns 136,400 shares of the company’s stock worth $5,386,000 after buying an additional 3,100 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in GigaCloud Technology during the fourth quarter worth about $2,150,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 10th. Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, GigaCloud Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

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.