GigaCloud Technology (NASDAQ:GCT) Director Zhiwu Chen Sells 1,500 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 1,500 shares of the stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00. Following the transaction, the director directly owned 24,057 shares in the company, valued at approximately $1,274,058.72. This represents a 5.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The stock was sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Price Performance

NASDAQ GCT traded down $1.05 during trading on Wednesday, hitting $51.64. 676,786 shares of the company’s stock traded hands, compared to its average volume of 483,699. The stock has a fifty day moving average of $46.52 and a two-hundred day moving average of $42.15. GigaCloud Technology Inc. has a 12-month low of $25.39 and a 12-month high of $56.27. The firm has a market cap of $1.84 billion, a P/E ratio of 12.45 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 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 firm had revenue of $411.64 million for the quarter, compared to the consensus estimate of $380.63 million. As a group, analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GigaCloud Technology

Large investors have recently added to or reduced their stakes in the company. LSV Asset Management lifted its position in shares of GigaCloud Technology by 824.2% in the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock worth $28,934,000 after purchasing an additional 656,900 shares during the period. Dimensional Fund Advisors LP boosted its position in GigaCloud Technology by 252.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock valued at $21,424,000 after acquiring an additional 338,269 shares in the last quarter. Tieton Capital Management LLC bought a new stake in GigaCloud Technology during the 2nd quarter valued at approximately $6,257,000. Renaissance Technologies LLC purchased a new position in shares of GigaCloud Technology during the 1st quarter worth approximately $3,576,000. Finally, Bank of America Corp DE grew its holdings in shares of 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 acquiring an additional 64,799 shares during the period. Institutional investors own 34.94% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, GigaCloud Technology has a consensus rating of “Hold”.

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.