GigaCloud Technology (NASDAQ:GCT) Trading Up 6.5%

GigaCloud Technology Inc. (NASDAQ:GCT) shot up 6.5% on Thursday . The stock traded as high as $28.88 and last traded at $27.86. 1,315,395 shares traded 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.

Wall Street Analyst Weigh In

Separately, Roth Mkm boosted 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 Price Performance

The firm’s fifty day moving average is $30.21 and its 200-day moving average is $18.60. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 12.11 and a beta of 2.40.

Insider Activity

In related news, COO Xinyan Hao sold 1,088 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the transaction, the director now owns 5,764,302 shares in the company, valued at $175,119,494.76. The disclosure for this sale can be found here. Insiders have sold 136,804 shares of company stock worth $4,158,574 over the last 90 days. 45.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in the company. PAX Financial Group LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth $141,000. Acadian Asset Management LLC purchased a new position in shares of GigaCloud Technology during the third quarter worth about $9,634,000. WINTON GROUP Ltd purchased a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $258,000. New York State Common Retirement Fund bought a new stake in GigaCloud Technology during the third quarter worth about $1,895,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of GigaCloud Technology in the 3rd quarter valued at $172,000. 34.94% of the stock is owned by 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.