GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $53.00, for a total transaction 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. This represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Marshall Bernes also recently made the following trade(s):
- On Monday, August 10th, Marshall Bernes sold 5,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $51.88, for a total transaction of $259,400.00.
GigaCloud Technology Trading Down 3.1%
Shares of GCT stock opened at $50.28 on Tuesday. The company has a market cap of $1.80 billion, a P/E ratio of 11.89 and a beta of 1.65. The firm has a fifty day moving average price of $38.60 and a 200 day moving average price of $40.08. GigaCloud Technology Inc. has a 12 month low of $25.15 and a 12 month high of $56.27.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $411.64 million for the quarter, compared to analysts' expectations of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. On average, equities analysts forecast that GigaCloud Technology Inc. will post 4.18 EPS for the current year.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the company. Wall Street Zen downgraded GigaCloud Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Zacks Research cut shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of GigaCloud Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 8th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of "Hold".
Read Our Latest Report on GCT
Institutional Trading of GigaCloud Technology
Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of GigaCloud Technology by 18.2% in the 3rd quarter. Vanguard Group Inc. now owns 803,664 shares of the company's stock valued at $22,824,000 after purchasing an additional 123,596 shares during the period. LSV Asset Management increased its position in GigaCloud Technology by 824.2% during the fourth quarter. LSV Asset Management now owns 736,600 shares of the company's stock worth $28,934,000 after buying an additional 656,900 shares during the period. Geode Capital Management LLC increased its position in GigaCloud Technology by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 627,336 shares of the company's stock worth $24,646,000 after buying an additional 6,846 shares during the period. State Street Corp lifted its stake in GigaCloud Technology by 1.8% in the fourth quarter. State Street Corp now owns 566,091 shares of the company's stock valued at $22,236,000 after buying an additional 9,765 shares during the last quarter. Finally, Nuveen LLC lifted its stake in GigaCloud Technology by 32.2% in the fourth quarter. Nuveen LLC now owns 542,454 shares of the company's stock valued at $21,308,000 after buying an additional 132,107 shares during the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.
About GigaCloud Technology
(
Get Free Report)
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.
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