GigaCloud Technology (NASDAQ:GCT) Insider Marshall Bernes Sells 13,800 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 13,800 shares of the firm’s stock in a transaction on Friday, September 25th. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00. Following the completion of the transaction, the insider directly owned 7,150 shares of the company’s stock, valued at approximately $388,316.50. This trade represents a 65.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Marshall Bernes also recently made the following trade(s):

• On Tuesday, September 22nd, Marshall Bernes sold 15,703 shares of GigaCloud Technology stock. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74.
• On Monday, September 21st, Marshall Bernes sold 12,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.47, for a total transaction of $641,640.00.
• On Thursday, August 13th, Marshall Bernes sold 10,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $53.00, for a total transaction of $530,000.00.
• On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $51.88, for a total value of $259,400.00.

GigaCloud Technology Stock Up 0.1%

Shares of NASDAQ:GCT traded up $0.07 during midday trading on Friday, reaching $53.98. The company had a trading volume of 584,260 shares, compared to its average volume of 652,586. The business’s 50 day moving average price is $48.89 and its 200 day moving average price is $42.64. The stock has a market cap of $1.93 billion, a PE ratio of 12.76 and a beta of 1.65. GigaCloud Technology Inc. has a 1-year low of $25.39 and a 1-year high of $56.27.

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

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in shares of GigaCloud Technology by 252.3% in the first quarter. Dimensional Fund Advisors LP now owns 472,344 shares of the company’s stock valued at $21,424,000 after purchasing an additional 338,269 shares during the last quarter. Tieton Capital Management LLC acquired a new stake in GigaCloud Technology during the 2nd quarter worth approximately $6,257,000. Renaissance Technologies LLC acquired a new stake in GigaCloud Technology during the 1st quarter worth approximately $3,576,000. Bank of America Corp DE lifted its holdings in GigaCloud Technology by 184.3% during the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after purchasing an additional 64,799 shares during the last quarter. Finally, Sei Investments Co. bought a new stake in GigaCloud Technology in the 1st quarter valued at $2,786,000. 34.94% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

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.