Xin Wan Sells 100,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 100,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $43.38, for a total transaction of $4,338,000.00. Following the sale, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. This represents a 12.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

GigaCloud Technology Stock Down 1.7%

NASDAQ:GCT traded down $0.74 during trading hours on Thursday, reaching $43.66. 810,108 shares of the company’s stock were exchanged, compared to its average volume of 641,356. The company has a market capitalization of $1.62 billion, a P/E ratio of 12.06 and a beta of 2.24. GigaCloud Technology Inc. has a 12 month low of $11.17 and a 12 month high of $48.00. The business’s 50-day simple moving average is $39.68 and its two-hundred day simple moving average is $34.32.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, February 26th. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.39. The company had revenue of $362.75 million during the quarter, compared to the consensus estimate of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. As a group, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GCT has been the topic of several recent analyst reports. Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, January 27th. Zacks Research downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Finally, Wall Street Zen upgraded shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently bought and sold shares of GCT. Jones Financial Companies Lllp raised its position in GigaCloud Technology by 184.6% during the third quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after acquiring an additional 589 shares in the last quarter. Quarry LP bought a new position in shares of GigaCloud Technology during the 3rd quarter valued at $29,000. Larson Financial Group LLC acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at $30,000. Caitong International Asset Management Co. Ltd bought a new stake in GigaCloud Technology in the third quarter worth $30,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $44,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.