GigaCloud Technology (NASDAQ:GCT) Shares Gap Up Following Insider Buying Activity

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $17.17, but opened at $17.74. GigaCloud Technology shares last traded at $18.35, with a volume of 329,496 shares.

Specifically, insider Marshall Bernes acquired 5,000 shares of the company’s stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the transaction, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $787,500. This represents a 12.50 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

GigaCloud Technology Stock Performance

The firm has a market cap of $748.56 million, a P/E ratio of 5.78 and a beta of 1.74. The business’s 50-day simple moving average is $22.49 and its 200 day simple moving average is $24.10.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in shares of GigaCloud Technology by 446.1% during the third quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company’s stock valued at $2,314,000 after purchasing an additional 82,250 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of GigaCloud Technology in the 3rd quarter worth about $1,442,000. Franklin Resources Inc. boosted its position in shares of GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock valued at $10,164,000 after buying an additional 135,726 shares during the period. Invst LLC increased its stake in GigaCloud Technology by 54.3% in the third 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 holdings in shares of GigaCloud Technology by 17.2% in the third quarter. Second Line Capital LLC now owns 102,480 shares of the company’s stock valued at $2,355,000 after purchasing an additional 15,028 shares during the period. 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.