GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu Sells 44,000 Shares

GigaCloud Technology Inc. (NASDAQ:GCT) CEO Lei Wu sold 44,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the transaction, the chief executive officer now owns 533,816 shares of the company’s stock, valued at $21,464,741.36. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• 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 transaction of $1,489,840.00.
• On Tuesday, April 30th, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was 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 shares were sold at an average price of $35.89, for a total value 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 value of $1,607,760.00.
• On Monday, April 22nd, Lei Wu sold 44,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $35.98, for a total value 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 transaction 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 transaction 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 transaction of $1,432,640.00.
• On Friday, April 12th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.23, for a total value of $32,230.00.
• On Wednesday, April 10th, Lei Wu sold 1,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $31.86, for a total value of $31,860.00.

GigaCloud Technology Stock Down 2.5 %

Shares of GCT traded down $1.02 during mid-day trading on Tuesday, hitting $40.09. The company had a trading volume of 2,766,372 shares, compared to its average volume of 3,064,375. GigaCloud Technology Inc. has a 1-year low of $5.00 and a 1-year high of $45.18. The business’s 50-day simple moving average is $33.94 and its 200-day simple moving average is $23.61. The stock has a market cap of $1.64 billion, a PE ratio of 17.43 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.29. The company had revenue of $244.74 million for the quarter, compared to analyst estimates 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 expect that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Empowered Funds LLC grew its stake in GigaCloud Technology by 8.1% during the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after buying an additional 12,278 shares during the period. Csenge Advisory Group purchased a new position in GigaCloud Technology in the first quarter valued at about $476,000. Janney Montgomery Scott LLC acquired a new stake in shares of GigaCloud Technology in the first quarter valued at about $599,000. Nations Financial Group Inc. IA ADV purchased a new stake in shares of GigaCloud Technology during the 1st quarter valued at about $1,201,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in shares of GigaCloud Technology during the 1st quarter valued at about $391,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

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.