Franklin Resources Inc. Has $10.16 Million Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Franklin Resources Inc. increased its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 49.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 409,829 shares of the company’s stock after buying an additional 135,726 shares during the quarter. Franklin Resources Inc. owned 1.00% of GigaCloud Technology worth $10,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GCT. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology during the second quarter worth about $25,000. MFA Wealth Advisors LLC bought a new stake in GigaCloud Technology during the 3rd quarter worth approximately $26,000. New York State Teachers Retirement System acquired a new stake in GigaCloud Technology during the 3rd quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in GigaCloud Technology in the third quarter valued at approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology during the second quarter worth $66,000. 34.94% of the stock is currently owned by institutional investors.

Insider Buying and Selling at GigaCloud Technology

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the completion of the sale, the insider now directly owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. This trade represents a 65.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Xin Wan sold 68,437 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the completion of the transaction, the chief technology officer now directly owns 1,563 shares in the company, valued at approximately $31,932.09. This represents a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,811,979 shares of company stock worth $61,233,745. Corporate insiders own 43.00% of the company’s stock.

GigaCloud Technology Price Performance

GCT opened at $17.93 on Friday. The company has a market capitalization of $734.63 million, a price-to-earnings ratio of 5.67 and a beta of 1.74. The business’s 50-day moving average price is $23.34 and its two-hundred day moving average price is $24.73. GigaCloud Technology Inc. has a 1 year low of $14.57 and a 1 year high of $45.18.

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.