GigaCloud Technology (NASDAQ:GCT) CTO Xin Wan Sells 60,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) CTO Xin Wan sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $50.94, for a total transaction of $3,056,400.00. Following the completion of the sale, the chief technology officer directly owned 657,540 shares in the company, valued at $33,495,087.60. This trade represents a 8.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $51.66 on Thursday. The firm has a market cap of $1.90 billion, a P/E ratio of 12.21 and a beta of 1.65. The firm’s 50 day moving average price is $37.43 and its 200-day moving average price is $39.85. GigaCloud Technology Inc. has a one year low of $25.15 and a one year high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.26. The firm had revenue of $411.64 million during the quarter, compared to the consensus estimate of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. As a group, research analysts predict that GigaCloud Technology Inc. will post 4.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GCT. Zacks Research cut GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, June 8th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold”.

Institutional Investors Weigh In On GigaCloud Technology

Large investors have recently added to or reduced their stakes in the business. KBC Group NV acquired a new position in shares of GigaCloud Technology in the first quarter worth $1,740,000. Sei Investments Co. acquired a new stake in shares of GigaCloud Technology in the first quarter valued at $2,786,000. Cetera Investment Advisers raised its stake in shares of GigaCloud Technology by 55.2% in the first quarter. Cetera Investment Advisers now owns 53,180 shares of the company’s stock valued at $2,413,000 after acquiring an additional 18,914 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of GigaCloud Technology in the first quarter valued at $3,576,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in GigaCloud Technology by 407.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 52,774 shares of the company’s stock valued at $2,395,000 after purchasing an additional 42,384 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.