GigaCloud Technology (NASDAQ:GCT) Shares Gap Up After Insider Buying Activity

GigaCloud Technology Inc. (NASDAQ:GCT) shares gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $17.17, but opened at $17.74. GigaCloud Technology shares last traded at $18.35, with a volume of 329,496 shares trading hands.

Specifically, insider Marshall Bernes bought 5,000 shares of the company’s stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, with a total value of $87,500.00. Following the acquisition, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

GigaCloud Technology Stock Performance

The stock has a market capitalization of $758.80 million, a P/E ratio of 5.86 and a beta of 1.74. The stock has a 50-day simple moving average of $22.20 and a 200 day simple moving average of $23.97.

Institutional Trading of GigaCloud Technology

Several hedge funds have recently added to or reduced their stakes in GCT. Amalgamated Bank bought a new stake in GigaCloud Technology during the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology in the third quarter valued at about $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $51,000. Finally, Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology in the 2nd quarter valued at $66,000. Institutional investors and hedge funds 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.