GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.8% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) was down 3.8% on Monday after an insider sold shares in the company. The stock traded as low as $33.85 and last traded at $34.00. Approximately 375,357 shares changed hands during trading, a decline of 88% from the average daily volume of 3,058,962 shares. The stock had previously closed at $35.35.

Specifically, CTO Xin Wan sold 150,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the transaction, the chief technology officer now directly owns 947,540 shares in the company, valued at approximately $25,829,940.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CTO Xin Wan sold 150,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the transaction, the chief technology officer now directly owns 947,540 shares in the company, valued at approximately $25,829,940.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 696,464 shares of company stock worth $21,609,935.

Analysts Set New Price Targets

Separately, Roth Mkm increased their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The business has a 50-day simple moving average of $33.50 and a 200 day simple moving average of $22.62. The firm has a market cap of $1.29 billion, a P/E ratio of 13.82 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. On average, research analysts expect that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. PAX Financial Group LLC bought a new position in GigaCloud Technology during the 3rd quarter valued at approximately $141,000. Acadian Asset Management LLC bought a new position in GigaCloud Technology during the 3rd quarter valued at approximately $9,634,000. Ritholtz Wealth Management bought a new position in GigaCloud Technology during the 4th quarter valued at approximately $295,000. WINTON GROUP Ltd bought a new position in GigaCloud Technology during the 3rd quarter valued at approximately $258,000. Finally, New York State Common Retirement Fund bought a new position in GigaCloud Technology during the 3rd quarter valued at approximately $1,895,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.