19,400 GigaCloud Technology Inc. $GCT Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. lessened its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 8.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 198,600 shares of the company’s stock after selling 19,400 shares during the quarter. Hennessy Advisors Inc.’s holdings in GigaCloud Technology were worth $10,264,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of GCT. Strs Ohio lifted its stake in shares of GigaCloud Technology by 3.7% during the 1st quarter. Strs Ohio now owns 11,100 shares of the company’s stock valued at $504,000 after buying an additional 400 shares in the last quarter. GAMMA Investing LLC raised its holdings in GigaCloud Technology by 83.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,250 shares of the company’s stock valued at $65,000 after acquiring an additional 570 shares during the period. Sterling Capital Management LLC raised its holdings in GigaCloud Technology by 10.4% during the 3rd quarter. Sterling Capital Management LLC now owns 8,692 shares of the company’s stock valued at $449,000 after acquiring an additional 818 shares during the period. Arete Wealth Advisors LLC raised its holdings in GigaCloud Technology by 6.7% during the 1st quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after acquiring an additional 945 shares during the period. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of GigaCloud Technology during the second quarter worth $30,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Monday, October 12th. Zacks Research upgraded GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Finally, Weiss Ratings raised GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Strong Buy”.

GigaCloud Technology Price Performance

GCT opened at $58.38 on Monday. The company has a fifty day moving average price of $54.37 and a 200-day moving average price of $43.92. The firm has a market capitalization of $2.08 billion, a P/E ratio of 13.80 and a beta of 1.61. GigaCloud Technology Inc. has a one year low of $25.39 and a one year high of $62.03.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $380.63 million. On average, analysts expect that GigaCloud Technology Inc. will post 4.70 earnings per share for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, insider Marshall Bernes sold 15,703 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total value of $841,366.74. Following the transaction, the insider directly owned 25,447 shares in the company, valued at $1,363,450.26. This represents a 38.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zhiwu Chen sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The shares were 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 approximately $1,118,547.84. The trade was a 12.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 127,000 shares of company stock worth $6,636,604 in the last ninety days. 23.37% of the stock is currently owned by insiders.

GigaCloud Technology Company Profile

GigaCloud Technology Inc (NASDAQ: GCT) operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company’s marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.