GigaCloud Technology (NASDAQ:GCT) Director Sells $79,440.00 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Zhiwu Chen sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $52.96, for a total value of $79,440.00. Following the transaction, the director directly owned 24,057 shares in the company, valued at approximately $1,274,058.72. This trade represents a 5.87% decrease in their ownership of the stock. The transaction 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 Monday, September 14th, Zhiwu Chen sold 1,500 shares of GigaCloud Technology stock. The shares were sold at an average price of $52.38, for a total transaction of $78,570.00.

GigaCloud Technology Trading Down 0.5%

Shares of GCT stock opened at $52.86 on Friday. The firm has a fifty day simple moving average of $47.25 and a two-hundred day simple moving average of $42.29. GigaCloud Technology Inc. has a 12 month low of $25.39 and a 12 month high of $56.27. The firm has a market capitalization of $1.89 billion, a PE ratio of 12.50 and a beta of 1.65.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The firm 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, equities analysts predict that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Friday, September 4th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, GigaCloud Technology presently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

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