GigaCloud Technology Inc. (NASDAQ:GCT) Shares Sold by Acadian Asset Management LLC

Acadian Asset Management LLC lowered its stake in GigaCloud Technology Inc. (NASDAQ:GCT) by 69.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 380,017 shares of the company’s stock after selling 884,432 shares during the period. Acadian Asset Management LLC’s holdings in GigaCloud Technology were worth $10,139,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of GCT. CWM LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at approximately $30,000. Quarry LP bought a new stake in GigaCloud Technology during the fourth quarter valued at $47,000. Tucker Asset Management LLC raised its holdings in shares of GigaCloud Technology by 1,499.8% during the fourth 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 bought a new position in shares of GigaCloud Technology in the 4th quarter worth about $207,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at about $226,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

Wall Street Analyst Weigh In

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

GigaCloud Technology Stock Down 2.2 %

GCT stock traded down $0.64 during mid-day trading on Friday, reaching $28.59. The company had a trading volume of 1,364,861 shares, compared to its average volume of 1,329,686. The stock’s 50-day simple moving average is $31.47 and its two-hundred day simple moving average is $31.00. The stock has a market capitalization of $1.17 billion, a P/E ratio of 11.12 and a beta of 1.81. GigaCloud Technology Inc. has a one year low of $6.71 and a one year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $235.00 million. During the same period last year, the firm posted $0.39 EPS. On average, research analysts forecast that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, COO Xinyan Hao sold 282,545 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $36.10, for a total transaction of $10,199,874.50. Following the completion of the transaction, the chief operating officer now owns 854,941 shares in the company, valued at approximately $30,863,370.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GigaCloud Technology news, COO Xinyan Hao sold 282,545 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $36.10, for a total transaction of $10,199,874.50. Following the transaction, the chief operating officer now owns 854,941 shares of the company’s stock, valued at approximately $30,863,370.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frank Hurst Lin sold 175,178 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $33.16, for a total transaction of $5,808,902.48. Following the sale, the director now owns 5,069,889 shares in the company, valued at $168,117,519.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,346,779 shares of company stock valued at $46,860,487. Insiders own 43.00% of the company’s stock.

GigaCloud Technology 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.