GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu Sells 62,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 62,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $38.77, for a total transaction of $2,403,740.00. Following the completion of the sale, the chief executive officer now owns 409,816 shares of the company’s stock, valued at $15,888,566.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Lei Wu also recently made the following trade(s):

• On Monday, May 6th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.21, for a total transaction of $1,769,240.00.
• On Thursday, May 2nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $33.86, for a total value of $1,489,840.00.
• On Tuesday, April 30th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $31.87, for a total value of $1,402,280.00.
• On Friday, April 26th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $35.89, for a total transaction of $1,579,160.00.
• On Wednesday, April 24th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.54, for a total transaction of $1,607,760.00.
• On Monday, April 22nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $35.98, for a total transaction of $1,583,120.00.
• On Friday, April 19th, Lei Wu sold 14,177 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.10, for a total value of $511,789.70.
• On Wednesday, April 17th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $34.61, for a total value of $1,522,840.00.
• On Monday, April 15th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $32.56, for a total value of $1,432,640.00.
• On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $32.23, for a total transaction of $32,230.00.

GigaCloud Technology Trading Up 1.5 %

GCT stock traded up $0.58 during midday trading on Thursday, hitting $39.72. 5,355,585 shares of the company’s stock were exchanged, compared to its average volume of 3,078,939. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 17.27 and a beta of 1.99. The firm has a 50 day moving average price of $34.09 and a 200-day moving average price of $23.83. GigaCloud Technology Inc. has a 12-month low of $5.11 and a 12-month high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The firm had revenue of $244.74 million for the quarter, compared to analysts’ expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.98 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Roth Mkm raised their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in GigaCloud Technology during the third quarter valued at $9,634,000. New York State Common Retirement Fund bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $1,895,000. Quadrature Capital Ltd bought a new position in GigaCloud Technology in the fourth quarter worth about $2,803,000. Pacific Ridge Capital Partners LLC acquired a new position in GigaCloud Technology in the third quarter valued at approximately $586,000. Finally, Nomura Holdings Inc. bought a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $991,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. 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.