Key Points
- Insider sale: Marshall Bernes sold 4,497 GigaCloud Technology shares for approximately $240,949, reducing his position by 17.67% to 20,950 shares. He has also reported several other stock sales since August.
- Recent performance: GigaCloud shares opened at $52.62, with a market capitalization of about $1.88 billion. The company recently exceeded quarterly expectations, reporting $1.16 in earnings per share and $411.64 million in revenue.
- Investor sentiment: Institutional investors own 34.94% of the company, while recent analyst commentary has been positive; the stock carries a “Moderate Buy” consensus rating.
GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) insider Marshall Bernes sold 4,497 shares of the company's stock in a transaction dated Thursday, September 24th. The stock was sold at an average price of $53.58, for a total value of $240,949.26. Following the completion of the sale, the insider directly owned 20,950 shares of the company's stock, valued at $1,122,501. The trade was a 17.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Marshall Bernes also recently made the following trade(s):
- On Friday, September 25th, Marshall Bernes sold 13,800 shares of GigaCloud Technology stock. The shares were sold at an average price of $54.31, for a total value of $749,478.00.
- 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 value 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 value 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 value 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 transaction of $259,400.00.
GigaCloud Technology Stock Down 2.5%
GCT opened at $52.62 on Tuesday. The firm's 50 day moving average is $49.17 and its 200-day moving average is $42.70. GigaCloud Technology Inc. has a 52-week low of $25.39 and a 52-week high of $56.27. The firm has a market capitalization of $1.88 billion, a P/E ratio of 12.44 and a beta of 1.65.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released 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. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The business had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. Equities analysts expect that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.
Institutional Investors Weigh In On GigaCloud Technology
A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in 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 buying an additional 338,269 shares during the last quarter. Tieton Capital Management LLC bought a new position in GigaCloud Technology during the 2nd quarter worth approximately $6,257,000. First Trust Advisors LP grew its position in shares of GigaCloud Technology by 5.4% in the 1st quarter. First Trust Advisors LP now owns 102,014 shares of the company's stock worth $4,629,000 after acquiring an additional 5,203 shares in the last quarter. Bank of America Corp DE grew its position in shares of 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 in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of GigaCloud Technology in the 1st quarter valued at approximately $3,576,000. Institutional investors and hedge funds own 34.94% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Weiss Ratings upgraded GigaCloud Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday. Wall Street Zen upgraded GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy".
View Our Latest Stock Report on GCT
GigaCloud Technology Company Profile
(
Get Free Report)
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.
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