GigaCloud Technology Inc. $GCT Stock Sold by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its GigaCloud stake by 72.2% in the third quarter, selling 109,954 shares and ending the period with 42,358 shares valued at about $2.19 million. Institutional investors and hedge funds collectively own 34.94% of the stock.
• GigaCloud reported quarterly revenue of $423.6 million and EPS of $1.73, both above analyst expectations. Management forecast fourth-quarter revenue of $425 million to $450 million.
• Shares fell 7.4% to $58.37 in Friday trading despite the earnings beat and positive outlook; company insiders also sold 127,000 shares worth about $6.64 million over the prior three months.

ProShare Advisors LLC cut its stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 72.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,358 shares of the company's stock after selling 109,954 shares during the period. ProShare Advisors LLC owned about 0.12% of GigaCloud Technology worth $2,189,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. KBC Group NV bought a new position in shares of GigaCloud Technology during the first quarter worth $1,740,000. Sei Investments Co. bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at $2,786,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in GigaCloud Technology during the 2nd quarter worth $766,000. Cetera Investment Advisers raised its stake in GigaCloud Technology by 55.2% during the 1st quarter. Cetera Investment Advisers now owns 53,180 shares of the company's stock worth $2,413,000 after buying an additional 18,914 shares during the period. Finally, Renaissance Technologies LLC bought a new position in GigaCloud Technology during the first quarter worth about $3,576,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Trading Down 7.4%

GCT stock traded down $4.64 during mid-day trading on Friday, hitting $58.37. 928,468 shares of the company were exchanged, compared to its average volume of 658,090. GigaCloud Technology Inc. has a 1-year low of $27.56 and a 1-year high of $67.18. The stock has a market capitalization of $2.08 billion, a PE ratio of 12.55 and a beta of 1.61. The business has a 50 day simple moving average of $55.08 and a 200-day simple moving average of $44.35.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The company reported $1.73 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. The firm had revenue of $423.56 million for the quarter, compared to analyst estimates of $389.39 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. Equities research analysts expect that GigaCloud Technology Inc. will post 4.70 earnings per share for the current year.

Insider Buying and Selling at GigaCloud Technology

In other news, insider Marshall Bernes sold 15,703 shares of GigaCloud Technology stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 60,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total value of $3,056,400.00. Following the completion of the sale, the chief technology officer owned 657,540 shares of the company's stock, valued at $33,495,087.60. The trade was a 8.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 127,000 shares of company stock worth $6,636,604 over the last three months. Corporate insiders own 23.37% of the company's stock.

GigaCloud Technology News Summary

Here are the key news stories impacting GigaCloud Technology this week:

• Positive Sentiment: GigaCloud reported record quarterly revenue, net income and diluted EPS. Revenue was $423.6 million, ahead of the $389.4 million consensus estimate, and earnings also beat analyst expectations. Third-quarter financial results
• Positive Sentiment: Management forecast Q4 revenue of $425 million to $450 million, pointing to continued growth after Q3. Q4 revenue guidance
• Neutral Sentiment: The earnings call transcript provides additional management commentary, but the supplied article summaries do not give specific new details that would explain the share move. Q3 earnings call transcript
• Negative Sentiment: GCT traded lower despite the earnings beat and positive guidance. The available reports do not establish whether this reflected profit-taking, expectations already priced in, or another factor. GCT trading information

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GCT. Zacks Research upgraded GigaCloud Technology from a "hold" rating to a "strong-buy" rating in a report on Friday, October 2nd. Weiss Ratings upgraded GigaCloud Technology from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 9th. Finally, Wall Street Zen raised GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat, GigaCloud Technology has a consensus rating of "Strong Buy".

About GigaCloud Technology

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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