GigaCloud Technology (NASDAQ:GCT) Shares Gap Down – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT) gapped down before the market opened on Monday . The stock had previously closed at $21.32, but opened at $19.86. GigaCloud Technology shares last traded at $19.36, with a volume of 556,996 shares.

GigaCloud Technology Stock Performance

The firm has a fifty day simple moving average of $20.49 and a 200-day simple moving average of $22.19. The firm has a market cap of $848.94 million, a price-to-earnings ratio of 6.56 and a beta of 1.94.

Insider Buying and Selling

In other news, CTO Xin Wan sold 80,000 shares of the company’s 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 sale, the chief technology officer now owns 867,540 shares of the company’s stock, valued at approximately $19,207,335.60. This represents a 8.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marshall Bernes bought 5,000 shares of GigaCloud Technology stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GCT. Geode Capital Management LLC increased its holdings in GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after purchasing an additional 274,506 shares during the period. State Street Corp lifted its stake in shares of GigaCloud Technology by 31.7% in the third quarter. State Street Corp now owns 502,445 shares of the company’s stock worth $11,546,000 after acquiring an additional 121,037 shares during the period. Franklin Resources Inc. boosted its holdings in GigaCloud Technology by 49.5% in the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock valued at $10,164,000 after acquiring an additional 135,726 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $6,956,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after purchasing an additional 158,033 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

About GigaCloud Technology

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.