Insider Selling: GigaCloud Technology (NASDAQ:GCT) Director Sells $78,570.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 1,500 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $52.38, for a total transaction of $78,570.00. Following the transaction, the director owned 25,557 shares in the company, valued at $1,338,675.66. The trade was a 5.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Zhiwu Chen also recently made the following trade(s):

• On Wednesday, September 16th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.96, for a total transaction of $79,440.00.

GigaCloud Technology Price Performance

GCT traded down $1.05 during trading on Wednesday, reaching $51.64. 676,786 shares of the stock were exchanged, compared to its average volume of 483,699. GigaCloud Technology Inc. has a 1 year low of $25.39 and a 1 year high of $56.27. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 12.21 and a beta of 1.65. The business’s 50 day moving average price is $46.52 and its two-hundred day moving average price is $42.15.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The business had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. On average, analysts anticipate that GigaCloud Technology Inc. will post 4.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of GigaCloud Technology in a research report on Friday, September 4th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Institutional Trading of GigaCloud Technology

Several institutional investors have recently made changes to their positions in GCT. Engineers Gate Manager LP acquired a new stake in shares of GigaCloud Technology during the 2nd quarter worth $334,000. Integrated Wealth Concepts LLC acquired a new position in GigaCloud Technology in the second quarter valued at $30,000. Squarepoint Ops LLC grew its position in GigaCloud Technology by 341.5% during the second quarter. Squarepoint Ops LLC now owns 41,673 shares of the company’s stock valued at $1,317,000 after acquiring an additional 32,234 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in GigaCloud Technology during the second quarter worth about $766,000. Finally, Globeflex Capital L P acquired a new stake in GigaCloud Technology during the second quarter worth about $1,561,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.