GigaCloud Technology (NASDAQ:GCT) CEO Sells $1,240,800.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 30,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $41.36, for a total value of $1,240,800.00. Following the sale, the chief executive officer owned 210,000 shares in the company, valued at $8,685,600. This represents a 12.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Wednesday, March 11th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.38, for a total value of $1,301,400.00.
• On Monday, March 9th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.13, for a total value of $1,263,900.00.
• On Thursday, March 5th, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.11, for a total value of $1,293,300.00.
• On Wednesday, March 4th, Lei Wu sold 40,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $44.08, for a total transaction of $1,763,200.00.
• On Tuesday, March 3rd, Lei Wu sold 58,090 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.99, for a total transaction of $2,381,109.10.
• On Monday, March 2nd, Lei Wu sold 30,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.83, for a total transaction of $1,284,900.00.
• On Friday, February 27th, Lei Wu sold 60,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $43.57, for a total transaction of $2,614,200.00.
• On Thursday, February 26th, Lei Wu sold 70,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $45.28, for a total transaction of $3,169,600.00.
• On Thursday, January 22nd, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.78, for a total transaction of $815,600.00.
• On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.26, for a total transaction of $8,454.60.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT opened at $40.95 on Monday. The company has a 50 day simple moving average of $40.06 and a two-hundred day simple moving average of $34.93. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $48.00. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 11.31 and a beta of 2.24.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.51. The firm had revenue of $362.75 million for the quarter, compared to analysts’ expectations of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 EPS. On average, analysts forecast that GigaCloud Technology Inc. will post 3.1 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 made changes to their positions in GCT. LSV Asset Management grew its position in shares of GigaCloud Technology by 824.2% during the 4th quarter. LSV Asset Management now owns 736,600 shares of the company’s stock valued at $28,934,000 after acquiring an additional 656,900 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of GigaCloud Technology during the 3rd quarter valued at about $14,335,000. UBS Group AG lifted its position in shares of GigaCloud Technology by 133.8% during the 3rd quarter. UBS Group AG now owns 441,992 shares of the company’s stock valued at $12,553,000 after buying an additional 252,934 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 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. Finally, Dimensional Fund Advisors LP purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $5,266,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

GCT has been the topic of a number of recent research reports. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, January 27th. Finally, Zacks Research upgraded shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat.com, GigaCloud Technology presently has a consensus rating of “Buy” and an average price target of $33.00.

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.