Insider Selling: GigaCloud Technology Inc. (NASDAQ:GCT) Director Sells 81,537 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) Director Frank Hurst Lin sold 81,537 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The stock was sold at an average price of $29.83, for a total value of $2,432,248.71. Following the completion of the transaction, the director now owns 4,447,352 shares of the company’s stock, valued at approximately $132,664,510.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Frank Hurst Lin also recently made the following trade(s):

• On Thursday, June 27th, Frank Hurst Lin sold 93,211 shares of GigaCloud Technology stock. The stock was sold at an average price of $29.66, for a total transaction of $2,764,638.26.
• On Thursday, June 20th, Frank Hurst Lin sold 15,993 shares of GigaCloud Technology stock. The shares were sold at an average price of $30.14, for a total transaction of $482,029.02.
• On Thursday, June 13th, Frank Hurst Lin sold 87,045 shares of GigaCloud Technology stock. The shares were sold at an average price of $32.23, for a total transaction of $2,805,460.35.
• On Tuesday, June 11th, Frank Hurst Lin sold 175,178 shares of GigaCloud Technology stock. The stock was sold at an average price of $33.16, for a total value of $5,808,902.48.
• On Thursday, May 16th, Frank Hurst Lin sold 40,134 shares of GigaCloud Technology stock. The stock was sold at an average price of $36.21, for a total value of $1,453,252.14.
• On Tuesday, May 14th, Frank Hurst Lin sold 92,886 shares of GigaCloud Technology stock. The shares were sold at an average price of $36.78, for a total value of $3,416,347.08.

GigaCloud Technology Trading Up 1.0 %

Shares of NASDAQ GCT opened at $30.42 on Friday. The stock’s 50-day moving average is $33.18 and its 200 day moving average is $29.25. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 11.84 and a beta of 1.87. GigaCloud Technology Inc. has a 1-year low of $6.70 and a 1-year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. The company had revenue of $251.08 million during the quarter, compared to analysts’ expectations of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same quarter in the prior year, the company earned $0.39 EPS. On average, analysts forecast that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Roth Mkm raised their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Maxim Group began coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors have recently bought and sold shares of GCT. Tidal Investments LLC bought a new position in shares of GigaCloud Technology in the first quarter worth approximately $1,731,000. Truvestments Capital LLC bought a new stake in GigaCloud Technology in the 1st quarter worth $327,000. Avantax Advisory Services Inc. increased its position in shares of GigaCloud Technology by 86.3% in the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after acquiring an additional 10,659 shares during the period. Thoroughbred Financial Services LLC bought a new position in shares of GigaCloud Technology during the first quarter valued at about $1,212,000. Finally, Empowered Funds LLC boosted its holdings in shares of 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 purchasing an additional 12,278 shares during the period. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.