GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.5% After Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT) dropped 3.5% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $35.79 and last traded at $35.79. Approximately 1,056,048 shares changed hands during trading, a decline of 66% from the average daily volume of 3,101,440 shares. The stock had previously closed at $37.09.

Specifically, CEO Lei Wu sold 20,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the sale, the chief executive officer now directly owns 1,217,994 shares in the company, valued at $44,322,801.66. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Xinyan Hao sold 38,064 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.77, for a total value of $1,057,037.28. Following the transaction, the chief operating officer now directly owns 1,110,848 shares of the company’s stock, valued at $30,848,248.96. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total value of $727,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at $44,322,801.66. The disclosure for this sale can be found here. Insiders have sold a total of 564,464 shares of company stock worth $16,839,895 over the last 90 days. Insiders own 45.30% of the company’s stock.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Stock Down 0.2 %

The company has a 50 day simple moving average of $33.23 and a 200-day simple moving average of $21.72. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 16.09 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $220.30 million. As a group, sell-side analysts anticipate that GigaCloud Technology Inc. will post 2.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors have recently modified their holdings of GCT. CWM LLC bought a new stake in GigaCloud Technology during the fourth quarter worth $30,000. Quarry LP bought a new stake in GigaCloud Technology during the fourth quarter worth $47,000. Tucker Asset Management LLC grew its holdings in GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC bought a new stake in GigaCloud Technology during the fourth quarter worth $207,000. Finally, Avantax Advisory Services Inc. bought a new stake in GigaCloud Technology during the fourth quarter worth $226,000. 34.94% of the stock is owned by institutional investors and hedge funds.

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.