GigaCloud Technology (NASDAQ:GCT) Trading Up 7.1% – What’s Next?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) shot up 7.1% during trading on Monday . The company traded as high as $20.99 and last traded at $20.98. 340,221 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 742,899 shares. The stock had previously closed at $19.59.

GigaCloud Technology Price Performance

The stock has a 50-day moving average price of $21.98 and a 200-day moving average price of $23.82. The firm has a market capitalization of $888.64 million, a PE ratio of 6.86 and a beta of 1.74.

Insiders Place Their Bets

In other GigaCloud Technology news, CTO Xin Wan sold 68,437 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the sale, the chief technology officer now directly owns 1,563 shares in the company, valued at approximately $31,932.09. The trade was a 97.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Marshall Bernes bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now owns 45,000 shares of the company’s stock, valued at approximately $787,500. The trade was a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 2,811,979 shares of company stock valued at $61,233,745 over the last quarter. Insiders own 43.00% of the company’s stock.

Institutional Inflows and Outflows

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

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.