Zhiwu Chen Sells 3,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 3,000 shares of GigaCloud Technology stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the sale, the director directly owned 21,057 shares in the company, valued at $1,118,547.84. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Zhiwu Chen also recently made the following trade(s):

• On Wednesday, September 16th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The stock was sold at an average price of $52.96, for a total value of $79,440.00.
• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.38, for a total value of $78,570.00.

GigaCloud Technology Stock Up 0.4%

NASDAQ GCT traded up $0.20 during trading on Monday, hitting $53.06. 515,571 shares of the stock traded hands, compared to its average volume of 547,102. GigaCloud Technology Inc. has a 12-month low of $25.39 and a 12-month high of $56.27. The firm has a 50-day simple moving average of $47.60 and a 200-day simple moving average of $42.36. The company has a market capitalization of $1.89 billion, a P/E ratio of 12.54 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The business had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $380.63 million. As a group, research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of GigaCloud Technology in a report on Friday, September 4th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold”.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently modified their holdings of GCT. LSV Asset Management raised its stake in shares of GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after acquiring an additional 656,900 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in GigaCloud Technology by 252.3% in the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock worth $21,424,000 after purchasing an additional 338,269 shares in the last quarter. Tieton Capital Management LLC bought a new position in GigaCloud Technology in the second quarter worth approximately $6,257,000. Renaissance Technologies LLC purchased a new position in GigaCloud Technology during the 1st quarter worth $3,576,000. Finally, Bank of America Corp DE increased its holdings in GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after purchasing an additional 64,799 shares during the period. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.