GigaCloud Technology Inc. $GCT Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors reduced its GigaCloud Technology stake by 8.9% in the third quarter, selling 19,400 shares and retaining 198,600 shares worth approximately $10.3 million. Institutional investors collectively own 34.94% of the company.
• GigaCloud reported stronger-than-expected quarterly results, with earnings per share of $1.16 versus the $0.90 consensus estimate and revenue of $411.64 million versus expectations of $380.63 million.
• GCT shares opened at $58.38, near their 52-week high of $62.03, while several analysts upgraded the stock; MarketBeat reports a consensus rating of “Strong Buy.” However, insiders sold 127,000 shares worth about $6.6 million over the last quarter.

Hennessy Advisors Inc. reduced its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 8.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,600 shares of the company's stock after selling 19,400 shares during the period. Hennessy Advisors Inc. owned approximately 0.56% of GigaCloud Technology worth $10,264,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in shares of GigaCloud Technology during the second quarter valued at about $30,000. Meeder Asset Management Inc. acquired a new position in GigaCloud Technology during the 1st quarter valued at about $60,000. GAMMA Investing LLC increased its holdings in GigaCloud Technology by 83.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,250 shares of the company's stock worth $65,000 after purchasing an additional 570 shares in the last quarter. Archer Investment Corp bought a new stake in GigaCloud Technology during the 1st quarter worth approximately $97,000. Finally, Pictet Asset Management Holding SA bought a new stake in GigaCloud Technology during the first quarter worth $203,000. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $58.38 on Monday. The firm has a market cap of $2.08 billion, a price-to-earnings ratio of 13.80 and a beta of 1.61. GigaCloud Technology Inc. has a 52 week low of $25.39 and a 52 week high of $62.03. The firm's 50-day simple moving average is $54.37 and its two-hundred day simple moving average is $43.92.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. Analysts forecast that GigaCloud Technology Inc. will post 4.70 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GCT has been the topic of several recent analyst reports. Weiss Ratings upgraded GigaCloud Technology from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Wall Street Zen upgraded shares of GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a report on Monday, October 12th. Finally, Zacks Research raised shares of GigaCloud Technology from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

Insider Activity at GigaCloud Technology

In related news, CTO Xin Wan sold 60,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $50.94, for a total value of $3,056,400.00. Following the transaction, the chief technology officer owned 657,540 shares in the company, valued at approximately $33,495,087.60. This represents a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marshall Bernes sold 15,703 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $53.58, for a total value of $841,366.74. Following the transaction, the insider directly owned 25,447 shares of the company's stock, valued at approximately $1,363,450.26. This trade represents a 38.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 127,000 shares of company stock worth $6,636,604. Insiders own 23.37% of the company's stock.

GigaCloud Technology Profile

GigaCloud Technology Inc NASDAQ: GCT operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company's marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.

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