Insider Selling: GigaCloud Technology (NASDAQ:GCT) Director Sells $78,570.00 in Stock

Key Points

• Director Zhiwu Chen sold 1,500 GigaCloud Technology shares for $78,570 at an average price of $52.38, reducing his direct ownership by 5.54% to 25,557 shares. He also sold another 1,500 shares for $79,440 two days later.
• GigaCloud shares traded at $51.64, with a market capitalization of approximately $1.84 billion and a 12-month range of $25.39 to $56.27.
• The company exceeded quarterly expectations, reporting $1.16 in EPS and $411.64 million in revenue versus estimates of $0.90 EPS and $380.63 million in revenue. Analysts maintain an average “Hold” rating.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) Director Zhiwu Chen sold 1,500 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $52.38, for a total transaction of $78,570.00. Following the completion of the sale, the director directly owned 25,557 shares in the company, valued at approximately $1,338,675.66. This represents a 5.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

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 transaction of $79,440.00.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock traded down $1.05 during trading on Wednesday, hitting $51.64. 676,786 shares of the stock were exchanged, compared to its average volume of 483,699. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of 12.21 and a beta of 1.65. The firm's 50-day moving average price is $46.52 and its 200 day moving average price is $42.15. GigaCloud Technology Inc. has a 12-month low of $25.39 and a 12-month high of $56.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.16 EPS 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 the consensus estimate of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. As a group, research analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed 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, Based on data from MarketBeat, the stock presently has an average rating of "Hold".

Institutional Trading of GigaCloud Technology

A number of large investors have recently made changes to their positions in GCT. LSV Asset Management grew its stake in GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company's stock worth $28,934,000 after buying an additional 656,900 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of GigaCloud Technology by 252.3% during the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company's stock worth $21,424,000 after acquiring an additional 338,269 shares during the last quarter. Tieton Capital Management LLC acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at $6,257,000. Renaissance Technologies LLC purchased a new stake in GigaCloud Technology in the 1st quarter valued at $3,576,000. Finally, Bank of America Corp DE grew its holdings in shares of GigaCloud Technology by 184.3% during the first quarter. Bank of America Corp DE now owns 99,949 shares of the company's stock worth $4,536,000 after buying an additional 64,799 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

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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