Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) CTO Sells 150,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) CTO Xin Wan sold 150,000 shares of the company's stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company's stock, valued at approximately $25,829,940.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

GigaCloud Technology Stock Up 8.0 %

GigaCloud Technology stock traded up $2.46 during mid-day trading on Tuesday, hitting $33.25. The company had a trading volume of 3,336,124 shares, compared to its average volume of 3,157,759. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 14.46 and a beta of 2.27. GigaCloud Technology Inc. has a 1 year low of $4.93 and a 1 year high of $45.18. The business has a fifty day moving average of $30.86 and a 200 day moving average of $19.09.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG purchased a new position in shares of GigaCloud Technology during the third quarter worth approximately $61,000. Marshall Wace LLP purchased a new position in shares of GigaCloud Technology during the third quarter worth approximately $1,425,000. Geode Capital Management LLC purchased a new position in shares of GigaCloud Technology during the fourth quarter worth approximately $102,000. Verition Fund Management LLC lifted its holdings in shares of GigaCloud Technology by 123.8% during the fourth quarter. Verition Fund Management LLC now owns 73,789 shares of the company's stock worth $420,000 after purchasing an additional 40,824 shares during the period. Finally, Morgan Stanley purchased a new position in GigaCloud Technology in the 4th quarter valued at $25,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm increased their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a "buy" rating in a research report on Tuesday.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.