Insider Selling: GigaCloud Technology (NASDAQ:GCT) Director Sells 3,000 Shares

Key Points

• Director Zhiwu Chen sold 3,000 GigaCloud Technology shares at an average price of $53.12, generating $159,360 and reducing his direct ownership by 12.47% to 21,057 shares.
• GigaCloud shares traded around $53.06, near their one-year high of $56.27, while the company has a $1.89 billion market capitalization and a P/E ratio of 12.54.
• The company exceeded quarterly expectations, reporting $1.16 in EPS and $411.64 million in revenue, though analysts maintain an overall “Hold” rating.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) Director Zhiwu Chen sold 3,000 shares of the firm's stock in a transaction on Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the transaction, the director directly owned 21,057 shares in the company, valued at approximately $1,118,547.84. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Wednesday, September 16th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.96, for a total value of $79,440.00.
• 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 value of $78,570.00.

GigaCloud Technology Stock Up 0.4%

GCT traded up $0.20 during midday trading on Monday, reaching $53.06. The company had a trading volume of 515,571 shares, compared to its average volume of 547,102. The business has a 50-day moving average of $47.60 and a two-hundred day moving average of $42.36. GigaCloud Technology Inc. has a 1 year low of $25.39 and a 1 year high of $56.27. The company has a market cap of $1.89 billion, a P/E ratio of 12.54 and a beta of 1.65.

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of GigaCloud Technology in a research report on Friday, September 4th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold".

Institutional Trading of GigaCloud Technology

Several institutional investors have recently made changes to their positions in GCT. Integrated Wealth Concepts LLC purchased a new position in GigaCloud Technology in the 2nd quarter worth approximately $30,000. Meeder Asset Management Inc. bought a new stake in shares of GigaCloud Technology during the first quarter valued at approximately $60,000. Archer Investment Corp purchased a new position in shares of GigaCloud Technology in the first quarter worth $97,000. Pictet Asset Management Holding SA purchased a new position in shares of GigaCloud Technology in the first quarter worth $203,000. Finally, Moran Wealth Management LLC bought a new position in shares of GigaCloud Technology during the first quarter worth $247,000. Hedge funds and other institutional investors own 34.94% of the company's stock.

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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