GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.8% on Insider Selling

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price dropped 3.8% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $33.85 and last traded at $34.00. Approximately 375,357 shares traded hands during trading, a decline of 88% from the average daily volume of 3,058,962 shares. The stock had previously closed at $35.35.

Specifically, CFO David Kwok Hei Lau sold 2,619 shares of the company's 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 sale, the chief financial officer now directly owns 27,803 shares in the company, valued at approximately $847,991.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the transaction, the chief executive officer now directly owns 1,248,994 shares of the company's stock, valued at approximately $36,882,792.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the company's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 652,464 shares of company stock worth $20,030,775.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Stock Performance

The firm has a market cap of $1.38 billion, a P/E ratio of 14.80 and a beta of 2.27. The stock's 50-day moving average is $33.39 and its 200 day moving average is $22.28.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The business had revenue of $244.74 million during the quarter, compared to analysts' expectations of $220.30 million. On average, research analysts anticipate that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently made changes to their positions in the business. CWM LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter valued at about $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $47,000. PAX Financial Group LLC bought a new position in shares of GigaCloud Technology in the third quarter valued at $141,000. Tucker Asset Management LLC grew its stake in shares of GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company's stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in GigaCloud Technology in the third quarter valued at $172,000. 34.94% of the stock is owned by institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. 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.