GigaCloud Technology (NASDAQ:GCT) CEO Lei Wu Sells 20,000 Shares of Stock

by · The Cerbat Gem

GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) CEO Lei Wu sold 20,000 shares of the stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $40.78, for a total value of $815,600.00. Following the completion of the transaction, the chief executive officer directly owned 678,090 shares of the company’s stock, valued at $27,652,510.20. This trade represents a 2.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

  • On Wednesday, January 21st, Lei Wu sold 210 shares of GigaCloud Technology stock. The shares were sold at an average price of $40.26, for a total transaction of $8,454.60.
  • On Tuesday, January 20th, Lei Wu sold 1,700 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.01, for a total transaction of $68,017.00.
  • On Friday, January 16th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $41.34, for a total transaction of $826,800.00.
  • On Wednesday, January 14th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $40.94, for a total transaction of $818,800.00.
  • On Monday, January 12th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $43.39, for a total value of $867,800.00.
  • On Friday, January 9th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The shares were sold at an average price of $42.08, for a total value of $841,600.00.
  • On Wednesday, January 7th, Lei Wu sold 20,000 shares of GigaCloud Technology stock. The stock was sold at an average price of $42.36, for a total value of $847,200.00.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock traded up $0.87 during trading on Thursday, hitting $40.51. The stock had a trading volume of 606,753 shares, compared to its average volume of 554,568. The business has a fifty day moving average of $38.79 and a two-hundred day moving average of $31.12. GigaCloud Technology Inc. has a fifty-two week low of $11.17 and a fifty-two week high of $44.71. The firm has a market cap of $1.50 billion, a P/E ratio of 12.13 and a beta of 2.28.

GigaCloud Technology (NASDAQ:GCT – Get Free Report) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The company had revenue of $332.64 million during the quarter, compared to the consensus estimate of $300.96 million. During the same period in the prior year, the company earned $1.15 EPS. GigaCloud Technology’s revenue was up 9.7% on a year-over-year basis. As a group, research analysts forecast that GigaCloud Technology Inc. will post 3.1 earnings per share for the current year.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada raised its holdings in shares of GigaCloud Technology by 91.4% during the first quarter. Royal Bank of Canada now owns 46,638 shares of the company’s stock worth $661,000 after acquiring an additional 22,273 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of GigaCloud Technology by 355.1% in the 1st quarter. AQR Capital Management LLC now owns 99,669 shares of the company’s stock valued at $1,415,000 after buying an additional 77,769 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in GigaCloud Technology by 34.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,230 shares of the company’s stock valued at $458,000 after acquiring an additional 8,274 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in GigaCloud Technology by 2,444.8% in the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company’s stock valued at $60,000 after acquiring an additional 4,034 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in GigaCloud Technology by 24.9% in the first quarter. Goldman Sachs Group Inc. now owns 142,055 shares of the company’s stock worth $2,017,000 after acquiring an additional 28,309 shares in the last quarter. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Weiss Ratings lowered GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Wall Street Zen raised GigaCloud Technology from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Zacks Research lowered shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $24.00.

View Our Latest Stock Report on GCT

About GigaCloud Technology

(Get Free Report)

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.

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