GigaCloud Technology (NASDAQ:GCT) Insider Marshall Bernes Sells 5,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $51.88, for a total transaction of $259,400.00. Following the completion of the transaction, the insider directly owned 63,150 shares of the company’s stock, valued at approximately $3,276,222. This represents a 7.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

GigaCloud Technology Stock Up 0.3%

GCT stock opened at $51.66 on Thursday. The stock’s fifty day simple moving average is $37.43 and its 200-day simple moving average is $39.85. GigaCloud Technology Inc. has a 52-week low of $25.15 and a 52-week high of $56.27. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 12.21 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.90 by $0.26. The company had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. As a group, analysts anticipate that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently bought and sold shares of GCT. Quarry LP bought a new position in shares of GigaCloud Technology in the third quarter valued at approximately $29,000. Larson Financial Group LLC purchased a new position in shares of GigaCloud Technology in the third quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter valued at $30,000. Wealth Enhancement Advisory Services LLC acquired a new position in GigaCloud Technology during the fourth quarter valued at $44,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of GigaCloud Technology by 25.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after purchasing an additional 483 shares during the period. Institutional investors own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GCT. Wall Street Zen downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Zacks Research downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, GigaCloud Technology presently has an average rating of “Hold”.

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.