GigaCloud Technology Inc. (NASDAQ:GCT) Major Shareholder Sells $58,055,056.80 in Stock

GigaCloud Technology Inc. (NASDAQ:GCT) major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the completion of the transaction, the insider now owns 1,406,813 shares in the company, valued at $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT opened at $20.69 on Friday. GigaCloud Technology Inc. has a 52-week low of $12.66 and a 52-week high of $45.18. The firm has a market capitalization of $847.71 million, a price-to-earnings ratio of 6.55 and a beta of 1.74. The stock has a 50 day moving average price of $23.97 and a 200 day moving average price of $25.17.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of GigaCloud Technology during the second quarter valued at approximately $25,000. Townsquare Capital LLC lifted its holdings in GigaCloud Technology by 4.6% during the third quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock worth $447,000 after buying an additional 862 shares during the period. MFA Wealth Advisors LLC bought a new stake in GigaCloud Technology during the 3rd quarter valued at $26,000. New York State Teachers Retirement System purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at $49,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of GigaCloud Technology in the 2nd quarter worth $66,000. 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.