Lei Wu Sells 58,090 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 58,090 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $40.99, for a total value of $2,381,109.10. Following the completion of the sale, the chief executive officer directly owned 460,000 shares in the company, valued at approximately $18,855,400. This trade represents a 11.21% decrease in their position. 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 Thursday, March 5th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.11, for a total value of $1,293,300.00.
• On Wednesday, March 4th, Lei Wu sold 40,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $44.08, for a total value of $1,763,200.00.
• 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 value of $1,284,900.00.
• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.57, for a total transaction of $2,614,200.00.
• On Thursday, February 26th, Lei Wu sold 70,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $45.28, for a total transaction of $3,169,600.00.
• On Thursday, January 22nd, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was 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 shares were 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 stock was 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 value of $818,800.00.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT traded down $0.74 during midday trading on Thursday, hitting $43.66. 810,108 shares of the company’s stock were exchanged, compared to its average volume of 641,356. The stock’s 50 day moving average price is $39.68 and its 200-day moving average price is $34.32. The firm has a market cap of $1.62 billion, a P/E ratio of 12.06 and a beta of 2.24. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $48.00.

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

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently bought and sold shares of GCT. Vanguard Group Inc. raised its holdings in shares of GigaCloud Technology by 18.2% during the third quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock valued at $22,824,000 after acquiring an additional 123,596 shares during the period. LSV Asset Management raised its stake in GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after purchasing an additional 656,900 shares during the period. Geode Capital Management LLC raised its stake in GigaCloud Technology by 9.1% during the 2nd quarter. Geode Capital Management LLC now owns 630,805 shares of the company’s stock valued at $12,479,000 after purchasing an additional 52,415 shares during the period. State Street Corp lifted its holdings in shares of GigaCloud Technology by 1.8% in the fourth quarter. State Street Corp now owns 566,091 shares of the company’s stock valued at $22,236,000 after purchasing an additional 9,765 shares in the last quarter. Finally, Nuveen LLC boosted its position in shares of GigaCloud Technology by 32.2% in the fourth quarter. Nuveen LLC now owns 542,454 shares of the company’s stock worth $21,308,000 after buying an additional 132,107 shares during the period. 34.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GCT. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 28th. Finally, Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, GigaCloud Technology has an average rating of “Moderate Buy” and an average price target of $33.00.

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.