GigaCloud Technology (NASDAQ:GCT) Shares Down 3.1% – Should You Sell?

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was down 3.1% on Tuesday . The stock traded as low as $20.55 and last traded at $20.74. Approximately 273,513 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,071,634 shares. The stock had previously closed at $21.40.

GigaCloud Technology Trading Down 2.5 %

The business has a fifty day moving average of $21.74 and a two-hundred day moving average of $23.62. The company has a market cap of $802.23 million, a price-to-earnings ratio of 6.20 and a beta of 1.92.

Insider Activity at GigaCloud Technology

In other news, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $22.14, for a total value of $1,771,200.00. Following the sale, the chief technology officer now directly owns 867,540 shares of the company’s stock, valued at $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Marshall Bernes acquired 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 27th. The stock was purchased 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 in the company, valued at $787,500. The trade was a 12.50 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently bought and sold shares of GCT. JPMorgan Chase & Co. raised its holdings in GigaCloud Technology by 446.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 100,686 shares of the company’s stock valued at $2,314,000 after acquiring an additional 82,250 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $1,442,000. Franklin Resources Inc. lifted its position in GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after buying an additional 135,726 shares in the last quarter. Invst LLC lifted its position in GigaCloud Technology by 54.3% during the third quarter. Invst LLC now owns 17,289 shares of the company’s stock worth $397,000 after buying an additional 6,081 shares in the last quarter. Finally, Second Line Capital LLC boosted its stake in GigaCloud Technology by 17.2% during the third quarter. Second Line Capital LLC now owns 102,480 shares of the company’s stock worth $2,355,000 after buying an additional 15,028 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.