GigaCloud Technology (NASDAQ:GCT) Insider Sells 10,000 Shares of Stock

Key Points

• Insider sale: Marshall Bernes sold 10,000 GigaCloud Technology shares at an average price of $53, generating $530,000. The transaction reduced his ownership by 15.84%, leaving him with 53,150 shares.
• Strong quarterly results: GigaCloud reported quarterly EPS of $1.16, exceeding the $0.90 analyst consensus, while revenue of $411.64 million also surpassed estimates of $380.63 million.
• Stock and analyst sentiment: Shares recently traded at $50.28, within their 52-week range of $25.15 to $56.27. Analysts have generally moderated their outlook, with the stock carrying an average “Hold” rating.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 10,000 shares of the firm's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the transaction, the insider owned 53,150 shares of the company's stock, valued at approximately $2,816,950. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Marshall Bernes also recently made the following trade(s):

• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Stock Performance

NASDAQ GCT traded down $1.59 during trading hours on Monday, reaching $50.28. The stock had a trading volume of 387,776 shares, compared to its average volume of 742,144. GigaCloud Technology Inc. has a 52-week low of $25.15 and a 52-week high of $56.27. The stock has a fifty day moving average of $38.60 and a 200 day moving average of $40.08. The stock has a market cap of $1.80 billion, a P/E ratio of 12.26 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping 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 company had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. On average, equities research analysts forecast that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in GigaCloud Technology in the third quarter valued at $29,000. Larson Financial Group LLC purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $30,000. Meeder Asset Management Inc. acquired a new stake in shares of GigaCloud Technology during the 1st quarter valued at about $60,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 34.94% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 8th. Zacks Research lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Finally, Wall Street Zen cut GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of "Hold".

GigaCloud Technology Company Profile

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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