Insider Selling: GigaCloud Technology (NASDAQ:GCT) Insider Sells 4,497 Shares of Company Stock

Key Points

• Insider Marshall Bernes sold 4,497 GigaCloud Technology shares for approximately $240,949 at an average price of $53.58, reducing his position by 17.67% to 20,950 shares.
• Bernes has made several additional sales recently, including 13,800 shares on September 25 and 15,703 shares on September 22, bringing the reported recent selling activity to a substantial amount.
• GigaCloud reported quarterly earnings of $1.16 per share and revenue of $411.64 million, exceeding analyst estimates; the stock carries a “Moderate Buy” consensus rating and 34.94% institutional ownership.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 4,497 shares of the firm's stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $53.58, for a total value of $240,949.26. Following the transaction, the insider owned 20,950 shares in the company, valued at $1,122,501. This represents a 17.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The stock was sold at an average price of $54.31, for a total transaction of $749,478.00.
• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $51.88, for a total transaction of $259,400.00.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $53.98 on Monday. The firm has a market cap of $1.93 billion, a P/E ratio of 12.76 and a beta of 1.65. GigaCloud Technology Inc. has a 52-week low of $25.39 and a 52-week high of $56.27. The business's 50-day moving average price is $48.89 and its 200 day moving average price is $42.63.

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, 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 company had revenue of $411.64 million during the quarter, compared to analysts' expectations of $380.63 million. As a group, analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new stake in GigaCloud Technology during the second quarter worth $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology in the first quarter valued at $60,000. Archer Investment Corp acquired a new position in shares of GigaCloud Technology during the 1st quarter worth $97,000. Pictet Asset Management Holding SA acquired a new position in shares of GigaCloud Technology during the 1st quarter worth $203,000. Finally, Moran Wealth Management LLC acquired a new position in GigaCloud Technology in the 1st quarter valued at about $247,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on GCT shares. Wall Street Zen upgraded GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Weiss Ratings raised shares of GigaCloud Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy".

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.