GigaCloud Technology (NASDAQ:GCT) Director Zhiwu Chen Sells 1,500 Shares of Stock

Key Points

• Director Zhiwu Chen sold 1,500 GigaCloud shares at an average price of $52.96, generating $79,440; his remaining stake fell 5.87% to 24,057 shares. He also sold 1,500 shares two days earlier for $78,570.
• GigaCloud reported stronger-than-expected quarterly results, with EPS of $1.16 versus the $0.90 consensus and revenue of $411.64 million versus expectations of $380.63 million.
• Shares traded at $51.64, while analysts maintained a consensus “Hold” rating. Institutional investors own 34.94% of the company.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) Director Zhiwu Chen sold 1,500 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00. Following the sale, the director owned 24,057 shares in the company, valued at $1,274,058.72. The trade was a 5.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Zhiwu Chen also recently made the following trade(s):

• On Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Stock Performance

GCT stock traded down $1.05 during midday trading on Wednesday, reaching $51.64. 676,786 shares of the company's stock traded hands, compared to its average volume of 483,699. The firm has a market capitalization of $1.84 billion, a PE ratio of 12.45 and a beta of 1.65. The company has a 50-day moving average price of $46.52 and a two-hundred day moving average price of $42.15. GigaCloud Technology Inc. has a 52 week low of $25.39 and a 52 week high of $56.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 31.42% and a net margin of 10.65%.The business had revenue of $411.64 million for the quarter, compared to analysts' expectations of $380.63 million. As a group, analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in GigaCloud Technology in the second quarter worth $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the 1st quarter worth about $60,000. Archer Investment Corp bought a new position in shares of GigaCloud Technology during the 1st quarter valued at about $97,000. Pictet Asset Management Holding SA purchased a new position in shares of GigaCloud Technology during the 1st quarter valued at about $203,000. Finally, Swiss Life Asset Management Ltd bought a new stake in GigaCloud Technology in the 4th quarter worth approximately $202,000. 34.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "hold (c+)" rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, GigaCloud Technology currently has a consensus rating of "Hold".

GigaCloud Technology Company Profile

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.

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