GigaCloud Technology (NASDAQ:GCT) Trading Down 3.1% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded down 3.1% during mid-day trading on Tuesday . The company traded as low as $20.55 and last traded at $20.74. 273,513 shares changed hands during trading, a decline of 74% from the average session volume of 1,071,634 shares. The stock had previously closed at $21.40.

GigaCloud Technology Price Performance

The business has a 50-day moving average of $21.92 and a 200 day moving average of $23.72. The company has a market capitalization of $816.16 million, a PE ratio of 6.30 and a beta of 1.92.

Insider Buying and Selling at GigaCloud Technology

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the transaction, the insider now directly owns 1,406,813 shares of the company’s stock, valued at $30,668,523.40. This represents a 65.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Xin Wan sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the transaction, the chief technology officer now directly owns 867,540 shares of the company’s stock, valued at $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,811,979 shares of company stock valued at $61,233,745 in the last ninety days. Corporate insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in GigaCloud Technology by 446.1% in the third quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company’s stock valued at $2,314,000 after buying an additional 82,250 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at about $1,442,000. Franklin Resources Inc. increased its stake in shares of GigaCloud Technology by 49.5% in the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock valued at $10,164,000 after purchasing an additional 135,726 shares in the last quarter. Invst LLC raised its holdings in GigaCloud Technology by 54.3% in the 3rd quarter. Invst LLC now owns 17,289 shares of the company’s stock worth $397,000 after purchasing an additional 6,081 shares during the period. Finally, Second Line Capital LLC boosted its position in GigaCloud Technology by 17.2% during the third quarter. Second Line Capital LLC now owns 102,480 shares of the company’s stock worth $2,355,000 after purchasing an additional 15,028 shares in the last quarter. Institutional investors and hedge funds 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.