GigaCloud Technology (NASDAQ:GCT) Shares Down 4.5% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price traded down 4.5% during trading on Monday after an insider sold shares in the company. The company traded as low as $31.50 and last traded at $33.17. 1,393,867 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 3,175,969 shares. The stock had previously closed at $34.75.

Specifically, CEO Lei Wu sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the sale, the chief executive officer now owns 1,217,994 shares in the company, valued at $44,322,801.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Lei Wu sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the sale, the chief executive officer now owns 1,217,994 shares in the company, valued at $44,322,801.66. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. Insiders sold a total of 440,287 shares of company stock worth $12,647,135 over the last 90 days.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lifted their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a "buy" rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Down 3.6 %

The company has a market cap of $1.36 billion, a price-to-earnings ratio of 14.56 and a beta of 2.27. The firm has a 50-day simple moving average of $31.74 and a 200 day simple moving average of $19.77.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.29. The business had revenue of $244.74 million for the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. As a group, research analysts expect that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Morgan Stanley acquired a new position in GigaCloud Technology during the fourth quarter worth $25,000. State of Wyoming acquired a new position in GigaCloud Technology during the second quarter worth $27,000. CWM LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $30,000. Quarry LP acquired a new position in GigaCloud Technology during the fourth quarter worth $47,000. Finally, UBS Group AG acquired a new position in GigaCloud Technology during the third quarter worth $61,000. Institutional investors and hedge funds own 34.94% of the company's stock.

About GigaCloud Technology

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.