Marshall Bernes Sells 15,703 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

Key Points

• Insider sale: Marshall Bernes sold 15,703 GigaCloud Technology shares for approximately $841,367, reducing his direct holdings by 38.16% to 25,447 shares. He has also sold additional shares in several recent transactions.
• Stock performance: GigaCloud shares fell 1.2% to $52.50, with a market capitalization of approximately $1.87 billion. The stock remains near its one-year high of $56.27.
• Financial results and outlook: The company exceeded quarterly expectations, reporting $1.16 in EPS versus the $0.90 consensus and revenue of $411.64 million versus estimates of $380.63 million. Analysts maintain an overall “Hold” rating, while institutional investors own 34.94% of the stock.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 15,703 shares of the firm's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74. Following the sale, the insider directly owned 25,447 shares in the company, valued at approximately $1,363,450.26. The trade was a 38.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.47, for a total value 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 value of $259,400.00.

GigaCloud Technology Trading Down 1.2%

Shares of NASDAQ GCT traded down $0.62 during midday trading on Wednesday, reaching $52.50. The company had a trading volume of 554,456 shares, compared to its average volume of 617,576. GigaCloud Technology Inc. has a 1 year low of $25.39 and a 1 year high of $56.27. The business's 50-day simple moving average is $48.26 and its 200 day simple moving average is $42.48. The stock has a market cap of $1.87 billion, a P/E ratio of 12.41 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The company had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. Analysts predict that GigaCloud Technology Inc. will post 4.18 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in GCT. Engineers Gate Manager LP bought a new position in GigaCloud Technology during the second quarter valued at about $334,000. Integrated Wealth Concepts LLC bought a new position in shares of GigaCloud Technology during the second quarter valued at $30,000. Squarepoint Ops LLC increased its holdings in shares of GigaCloud Technology by 341.5% during the second quarter. Squarepoint Ops LLC now owns 41,673 shares of the company's stock worth $1,317,000 after buying an additional 32,234 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of GigaCloud Technology during the second quarter worth $766,000. Finally, Globeflex Capital L P acquired a new position in shares of GigaCloud Technology during the second quarter valued at $1,561,000. Institutional investors and hedge funds own 34.94% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "hold (c+)" rating on shares of GigaCloud Technology in a report on Friday, September 4th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold".

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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