Quadrature Capital Ltd Sells 52,051 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Quadrature Capital Ltd reduced its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 34.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 101,014 shares of the company’s stock after selling 52,051 shares during the quarter. Quadrature Capital Ltd owned about 0.25% of GigaCloud Technology worth $2,697,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. CWM LLC acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $47,000. Tucker Asset Management LLC lifted its position in shares of GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after purchasing an additional 7,499 shares during the period. Foundations Investment Advisors LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $207,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $226,000. 34.94% of the stock is owned by institutional investors.

GigaCloud Technology Stock Up 6.2 %

GCT stock traded up $1.66 during midday trading on Friday, reaching $28.44. 830,337 shares of the company’s stock traded hands, compared to its average volume of 1,326,685. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 11.07 and a beta of 1.81. The firm’s fifty day moving average price is $30.65 and its 200-day moving average price is $31.15. GigaCloud Technology Inc. has a 52 week low of $6.71 and a 52 week high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The firm had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the business posted $0.39 EPS. Analysts forecast that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Roth Mkm lifted their price objective on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Maxim Group started coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price target for the company.

Insider Transactions at GigaCloud Technology

In other news, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now owns 25,000 shares in the company, valued at approximately $755,250. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Frank Hurst Lin sold 92,886 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total value of $3,416,347.08. Following the transaction, the director now directly owns 5,577,003 shares of the company’s stock, valued at approximately $205,122,170.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares in the company, valued at $755,250. The disclosure for this sale can be found here. Insiders sold a total of 1,214,779 shares of company stock worth $42,090,447 in the last quarter. 43.00% of the stock is currently owned by corporate insiders.

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.