Insider Selling: GigaCloud Technology (NASDAQ:GCT) CTO Sells 60,000 Shares of Stock

Key Points

• GigaCloud Technology CTO Xin Wan sold 60,000 shares at an average price of $50.94, generating $3.06 million; the sale reduced his direct ownership by 8.36% to 657,540 shares.
• GigaCloud reported quarterly adjusted earnings of $1.16 per share, beating estimates of $0.90, while revenue of $411.64 million also exceeded expectations of $380.63 million.
• Shares recently traded at $51.66, near the company’s 12-month high of $56.27, but analyst sentiment remains cautious: two analysts rate the stock “Hold,” with institutional investors owning 34.94% of shares.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) CTO Xin Wan sold 60,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the sale, the chief technology officer directly owned 657,540 shares in the company, valued at $33,495,087.60. This trade represents a 8.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT traded up $0.14 during mid-day trading on Wednesday, hitting $51.66. The stock had a trading volume of 430,750 shares, compared to its average volume of 761,553. The firm has a market cap of $1.90 billion, a PE ratio of 12.21 and a beta of 1.65. The company has a 50 day moving average of $37.43 and a two-hundred day moving average of $39.85. GigaCloud Technology Inc. has a twelve month low of $25.15 and a twelve month high of $56.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced 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. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The business had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. Equities research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently made changes to their positions in the company. LSV Asset Management raised its holdings in GigaCloud Technology by 824.2% in the 4th quarter. LSV Asset Management now owns 736,600 shares of the company's stock worth $28,934,000 after purchasing an additional 656,900 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $14,335,000. Dimensional Fund Advisors LP raised its stake 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 buying an additional 338,269 shares during the period. UBS Group AG raised its stake in shares of GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company's stock worth $12,553,000 after buying an additional 252,934 shares during the period. Finally, Tieton Capital Management LLC purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at approximately $6,257,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GCT has been the topic of a number of research reports. Wall Street Zen lowered shares of GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 16th. Zacks Research downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings downgraded GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 8th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has an average rating of "Hold".

About GigaCloud Technology

GigaCloud Technology Inc NASDAQ: GCT is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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