GigaCloud Technology (NASDAQ:GCT) Stock Price Up 9.6%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price was up 9.6% on Monday . The company traded as high as $30.40 and last traded at $29.29. Approximately 1,681,569 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 3,122,536 shares. The stock had previously closed at $26.72.

Wall Street Analyst Weigh In

Separately, Roth Mkm raised their price objective on GigaCloud Technology from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Thursday, December 7th.

GigaCloud Technology Price Performance

The business's 50-day simple moving average is $30.64 and its two-hundred day simple moving average is $18.93. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 13.39 and a beta of 2.27.

Insider Activity at GigaCloud Technology

In other news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the sale, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now owns 27,803 shares of the company's stock, valued at approximately $847,991.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Xinyan Hao sold 1,088 shares of the company's stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares of the company's stock, valued at $37,178,792.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 269,287 shares of company stock worth $7,800,805.

Institutional Trading of GigaCloud Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $9,634,000. Bridgeway Capital Management LLC acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth approximately $6,036,000. Verition Fund Management LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $4,613,000. New York State Common Retirement Fund bought a new position in GigaCloud Technology during the 3rd quarter valued at $1,895,000. Finally, Quadrature Capital Ltd bought a new position in GigaCloud Technology during the 4th quarter valued at $2,803,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.