Marshall Bernes Sells 10,000 Shares of GigaCloud Technology (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes sold 10,000 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $53.00, for a total value of $530,000.00. Following the completion of the sale, the insider directly owned 53,150 shares in the company, valued at approximately $2,816,950. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 Trading Down 2.4%

Shares of GCT stock opened at $49.07 on Wednesday. The company’s fifty day moving average price is $38.93 and its 200-day moving average price is $40.14. The stock has a market cap of $1.75 billion, a PE ratio of 11.60 and a beta of 1.65. GigaCloud Technology Inc. has a 12 month low of $25.15 and a 12 month high of $56.27.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.26. The company had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Globeflex Capital L P bought a new position in shares of GigaCloud Technology in the second quarter worth approximately $1,561,000. Tieton Capital Management LLC purchased a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $6,257,000. NewEdge Advisors LLC increased its position in shares of GigaCloud Technology by 100.7% during the first quarter. NewEdge Advisors LLC now owns 22,983 shares of the company’s stock valued at $1,043,000 after acquiring an additional 11,532 shares in the last quarter. Arete Wealth Advisors LLC increased its position in shares of GigaCloud Technology by 6.7% during the first quarter. Arete Wealth Advisors LLC now owns 15,145 shares of the company’s stock valued at $687,000 after acquiring an additional 945 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in GigaCloud Technology by 184.3% in the 1st quarter. Bank of America Corp DE now owns 99,949 shares of the company’s stock worth $4,536,000 after acquiring an additional 64,799 shares during the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GCT shares. Zacks Research downgraded GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Weiss Ratings cut GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 8th. Finally, Wall Street Zen downgraded GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

About GigaCloud Technology

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.