Inspire Investing LLC Purchases New Stake in GigaCloud Technology Inc. $GCT

Key Points

• Inspire Investing acquired 46,689 shares of GigaCloud Technology during the third quarter, worth approximately $2.4 million. Institutional investors collectively own 34.94% of the company.
• GigaCloud insiders have been selling shares, including recent transactions by Director Zhiwu Chen and insider Marshall Bernes. Insiders sold 127,000 shares worth about $6.6 million over the past 90 days.
• Analyst sentiment remains positive, with recent upgrades resulting in a consensus “Strong Buy” rating. GigaCloud also exceeded quarterly expectations, reporting $1.16 in earnings per share and $411.64 million in revenue.

Inspire Investing LLC acquired a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 46,689 shares of the company's stock, valued at approximately $2,413,000. Inspire Investing LLC owned 0.13% of GigaCloud Technology as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in shares of GigaCloud Technology by 252.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company's stock worth $21,424,000 after purchasing an additional 338,269 shares in the last quarter. Tieton Capital Management LLC bought a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $6,257,000. Renaissance Technologies LLC bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at approximately $3,576,000. Bank of America Corp DE grew its stake in shares of GigaCloud Technology by 184.3% in the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company's stock valued at $4,536,000 after buying an additional 64,799 shares in the last quarter. Finally, Sei Investments Co. acquired a new position in GigaCloud Technology in the first quarter worth approximately $2,786,000. Hedge funds and other institutional investors own 34.94% of the company's stock.

Insider Transactions at GigaCloud Technology

In related news, Director Zhiwu Chen sold 3,000 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the sale, the director owned 21,057 shares in the company, valued at $1,118,547.84. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Marshall Bernes sold 15,703 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 25,447 shares in the company, valued at $1,363,450.26. This trade represents a 38.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 127,000 shares of company stock worth $6,636,604. Company insiders own 23.37% of the company's stock.

Wall Street Analyst Weigh In

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

GigaCloud Technology Price Performance

Shares of GCT opened at $58.24 on Monday. The company has a market capitalization of $2.08 billion, a PE ratio of 13.77 and a beta of 1.64. GigaCloud Technology Inc. has a one year low of $25.39 and a one year high of $60.96. The company's fifty day moving average price is $53.46 and its 200 day moving average price is $44.47.

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, topping analysts' consensus estimates of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. Analysts anticipate that GigaCloud Technology Inc. will post 4.92 earnings per share for the current year.

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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