GigaCloud Technology (NASDAQ:GCT) Stock Price Up 6.5%

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded up 6.5% on Thursday . The stock traded as high as $28.88 and last traded at $27.86. 1,315,395 shares changed hands during trading, a decline of 58% from the average session volume of 3,122,962 shares. The stock had previously closed at $26.16.

Analyst Ratings Changes

Separately, Roth Mkm increased their price objective on shares of GigaCloud Technology from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, December 7th.

GigaCloud Technology Stock Performance

The stock’s 50-day simple moving average is $30.21 and its 200 day simple moving average is $18.60. The company has a market cap of $1.09 billion, a PE ratio of 12.11 and a beta of 2.40.

Insiders Place Their Bets

In related news, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at $37,178,792.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the completion of the transaction, the chief financial officer now owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The disclosure for this sale can be found here. Insiders have sold 136,804 shares of company stock valued at $4,158,574 in the last ninety days. Insiders own 45.30% of the company’s stock.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently made changes to their positions in the stock. Morgan Stanley acquired a new position in GigaCloud Technology during the fourth quarter valued at approximately $25,000. State of Wyoming bought a new position in GigaCloud Technology in the second quarter worth $27,000. CWM LLC bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $30,000. Quarry LP bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $47,000. Finally, UBS Group AG bought a new position in shares of GigaCloud Technology in the third quarter valued at about $61,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.