GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Down 17.8% in January

GigaCloud Technology Inc. (NASDAQ:GCT) was the target of a significant drop in short interest in the month of January. As of January 30th, there was short interest totaling 1,899,615 shares, a drop of 17.8% from the January 15th total of 2,310,141 shares. Based on an average daily trading volume, of 562,910 shares, the short-interest ratio is currently 3.4 days. Approximately 6.8% of the shares of the company are short sold. Approximately 6.8% of the shares of the company are short sold. Based on an average daily trading volume, of 562,910 shares, the short-interest ratio is currently 3.4 days.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the completion of the transaction, the chief executive officer owned 678,090 shares of the company’s stock, valued at $27,652,510.20. This represents a 2.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Xinyan Hao sold 800 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $40.04, for a total value of $32,032.00. Following the sale, the chief operating officer directly owned 357,486 shares in the company, valued at $14,313,739.44. The trade was a 0.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 301,229 shares of company stock worth $11,539,589. 24.71% of the stock is owned by company insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in GigaCloud Technology by 18.2% in the 3rd quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock valued at $22,824,000 after acquiring an additional 123,596 shares in the last quarter. LSV Asset Management grew its stake in shares of GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after purchasing an additional 656,900 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of GigaCloud Technology by 9.1% in the second quarter. Geode Capital Management LLC now owns 630,805 shares of the company’s stock valued at $12,479,000 after purchasing an additional 52,415 shares in the last quarter. State Street Corp raised its position in GigaCloud Technology by 1.8% in the 4th quarter. State Street Corp now owns 566,091 shares of the company’s stock worth $22,236,000 after purchasing an additional 9,765 shares during the last quarter. Finally, Nuveen LLC lifted its holdings in GigaCloud Technology by 32.2% during the 4th quarter. Nuveen LLC now owns 542,454 shares of the company’s stock worth $21,308,000 after buying an additional 132,107 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT traded up $1.12 during trading on Monday, reaching $35.23. The stock had a trading volume of 490,880 shares, compared to its average volume of 515,586. The stock has a market capitalization of $1.31 billion, a PE ratio of 10.55 and a beta of 2.28. GigaCloud Technology has a 52 week low of $11.17 and a 52 week high of $44.71. The business’s 50-day moving average price is $39.94 and its 200 day moving average price is $33.21.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GCT. Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Wall Street Zen raised shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.00.

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.