JPMorgan Chase & Co. Boosts Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

JPMorgan Chase & Co. boosted its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 446.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 100,686 shares of the company’s stock after buying an additional 82,250 shares during the quarter. JPMorgan Chase & Co.’s holdings in GigaCloud Technology were worth $2,314,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GCT. Rhumbline Advisers bought a new stake in shares of GigaCloud Technology during the second quarter worth $930,000. Amalgamated Bank bought a new stake in shares of GigaCloud Technology during the second quarter worth $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology in the second quarter valued at about $66,000. The Manufacturers Life Insurance Company bought a new stake in shares of GigaCloud Technology in the second quarter valued at about $259,000. Finally, Second Line Capital LLC bought a new stake in shares of GigaCloud Technology in the second quarter valued at about $2,660,000. 34.94% of the stock is currently owned by institutional investors.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total value of $58,055,056.80. Following the transaction, the insider now owns 1,406,813 shares in the company, valued at $30,668,523.40. The trade was a 65.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marshall Bernes bought 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The stock was bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the purchase, the insider now directly owns 45,000 shares of the company’s stock, valued at $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 sold 2,811,979 shares of company stock worth $61,233,745 over the last three months. 43.00% of the stock is owned by corporate insiders.

GigaCloud Technology Price Performance

GCT stock opened at $20.62 on Wednesday. The business has a 50-day moving average price of $21.01 and a 200 day moving average price of $22.94. The company has a market capitalization of $844.80 million, a P/E ratio of 6.53 and a beta of 1.92. GigaCloud Technology Inc. has a 1-year low of $15.61 and a 1-year high of $45.18.

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.