Insider Selling: GigaCloud Technology (NASDAQ:GCT) CEO 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 16th. The stock was sold at an average price of $41.34, for a total value of $826,800.00. Following the transaction, the chief executive officer owned 700,000 shares of the company’s stock, valued at approximately $28,938,000. This represents a 2.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.94, for a total transaction of $818,800.00.
• 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 transaction of $867,800.00.
• On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.08, for a total transaction of $841,600.00.
• 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 Price Performance

Shares of NASDAQ:GCT traded down $1.17 during mid-day trading on Friday, reaching $40.41. 382,902 shares of the company were exchanged, compared to its average volume of 430,149. GigaCloud Technology Inc. has a 1 year low of $11.17 and a 1 year high of $44.71. The firm’s 50-day simple moving average is $38.16 and its 200 day simple moving average is $30.58. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 12.45 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, November 6th. The company reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a return on equity of 30.43% and a net margin of 10.62%.The company had revenue of $332.64 million for the quarter, compared to analyst estimates of $300.96 million. During the same quarter in the previous year, the company earned $1.15 earnings per share. The firm’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp grew its position in shares of GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after buying an additional 589 shares in the last quarter. Quarry LP purchased a new position in GigaCloud Technology in the third quarter worth approximately $29,000. Larson Financial Group LLC acquired a new position in GigaCloud Technology during the 3rd quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $30,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $35,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Weiss Ratings downgraded GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. Finally, Wall Street Zen upgraded shares of GigaCloud Technology from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.