NewEdge Wealth LLC Takes Position in GigaCloud Technology Inc. $GCT

NewEdge Wealth LLC purchased a new stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 22,194 shares of the company’s stock, valued at approximately $608,000.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in shares of GigaCloud Technology by 67.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 339,885 shares of the company’s stock worth $6,723,000 after acquiring an additional 137,201 shares in the last quarter. Nordea Investment Management AB bought a new position in shares of GigaCloud Technology during the third quarter valued at $3,852,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $3,578,000. Vanguard Group Inc. boosted its holdings in GigaCloud Technology by 18.2% in the third quarter. Vanguard Group Inc. now owns 803,664 shares of the company’s stock worth $22,824,000 after purchasing an additional 123,596 shares during the last quarter. Finally, LSV Asset Management bought a new stake in shares of GigaCloud Technology in the third quarter worth $2,263,000. 34.94% of the stock is currently owned by institutional investors.

Insider Activity at GigaCloud Technology

In other news, CEO Lei Wu sold 20,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $40.78, for a total transaction of $815,600.00. Following the transaction, the chief executive officer directly owned 678,090 shares in the company, valued at approximately $27,652,510.20. This trade represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Xinyan Hao sold 800 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $40.04, for a total transaction of $32,032.00. Following the completion of the transaction, the chief operating officer directly owned 357,486 shares of the company’s stock, valued at $14,313,739.44. This trade represents a 0.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 171,910 shares of company stock valued at $7,097,748 in the last ninety days. Corporate insiders own 24.71% of the company’s stock.

Analysts Set New Price Targets

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

GigaCloud Technology Stock Down 3.5%

Shares of NASDAQ GCT opened at $33.82 on Tuesday. GigaCloud Technology Inc. has a twelve month low of $11.17 and a twelve month high of $44.71. The business has a fifty day simple moving average of $39.43 and a two-hundred day simple moving average of $33.76. The firm has a market cap of $1.25 billion, a PE ratio of 10.13 and a beta of 2.28.

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.