Marshall Bernes Sells 12,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

Key Points

• Insider selling: Marshall Bernes sold 12,000 GigaCloud Technology shares for $641,640, reducing his position by 22.58% to 41,150 shares. He has also sold 30,703 additional shares in recent transactions.
• Stock performance: GCT traded at $52.50, near its 52-week high of $56.27, with a $1.87 billion market capitalization and a P/E ratio of 12.41.
• Strong quarterly results but neutral analyst view: GigaCloud reported $1.16 in quarterly EPS and $411.64 million in revenue, surpassing estimates. However, analysts maintain an average “Hold” rating.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 12,000 shares of the company's stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00. Following the transaction, the insider owned 41,150 shares in the company, valued at approximately $2,200,290.50. This trade represents a 22.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• 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 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 stock was sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Stock Performance

GCT traded down $0.62 during mid-day trading on Wednesday, reaching $52.50. The stock had a trading volume of 554,456 shares, compared to its average volume of 617,576. The firm's fifty day simple moving average is $48.26 and its two-hundred day simple moving average is $42.48. The stock has a market capitalization of $1.87 billion, a P/E ratio of 12.41 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.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results 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 the consensus estimate of $380.63 million. As a group, analysts expect that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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.com, the company has an average rating of "Hold".

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GCT. Dimensional Fund Advisors LP increased its holdings in shares of GigaCloud Technology by 252.3% during the 1st 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 stake in GigaCloud Technology during the 2nd quarter valued at $6,257,000. Renaissance Technologies LLC bought a new position in GigaCloud Technology during the first quarter worth $3,576,000. Bank of America Corp DE raised its stake in GigaCloud Technology by 184.3% in the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company's stock worth $4,536,000 after purchasing an additional 64,799 shares in the last quarter. Finally, Sei Investments Co. bought a new stake in shares of GigaCloud Technology during the 1st quarter worth approximately $2,786,000. Institutional investors own 34.94% of the company's stock.

About GigaCloud Technology

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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