GigaCloud Technology (NASDAQ:GCT) CEO Lei Wu Sells 20,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 20,000 shares of the stock in a transaction on Friday, January 9th. The shares were sold at an average price of $42.08, for a total value of $841,600.00. Following the sale, the chief executive officer directly owned 800,000 shares in the company, valued at $33,664,000. This trade represents a 2.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Lei Wu also recently made the following trade(s):

• On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.39, for a total value of $867,800.00.
• On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.36, for a total transaction of $847,200.00.

GigaCloud Technology Stock Down 6.0%

Shares of NASDAQ GCT traded down $2.67 during trading on Tuesday, reaching $41.74. 653,984 shares of the company traded hands, compared to its average volume of 444,964. The firm has a 50 day simple moving average of $37.42 and a 200-day simple moving average of $30.29. GigaCloud Technology Inc. has a 52-week low of $11.17 and a 52-week high of $44.71. The stock has a market capitalization of $1.55 billion, a PE ratio of 12.50 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, November 6th. The company reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The company had revenue of $332.64 million for the quarter, compared to analysts’ expectations of $300.96 million. During the same quarter last year, the company posted $1.15 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, research analysts predict that GigaCloud Technology Inc. will post 3.1 EPS for the current year.

Wall Street Analyst Weigh In

GCT has been the subject of a number of research reports. Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Weiss Ratings raised shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Finally, Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its position in shares of GigaCloud Technology by 10.2% during the fourth quarter. SG Americas Securities LLC now owns 5,249 shares of the company’s stock valued at $206,000 after buying an additional 485 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in GigaCloud Technology during the fourth quarter valued at $44,000. NorthCrest Asset Manangement LLC bought a new stake in GigaCloud Technology in the 4th quarter valued at $565,000. Nordea Investment Management AB increased its holdings in GigaCloud Technology by 2.3% in the 4th quarter. Nordea Investment Management AB now owns 136,400 shares of the company’s stock valued at $5,386,000 after acquiring an additional 3,100 shares during the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in GigaCloud Technology in the 4th quarter worth $2,150,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Company Profile

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.