GigaCloud Technology (NASDAQ:GCT) Trading 7.1% Higher – Should You Buy?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 7.1% during trading on Monday . The stock traded as high as $20.99 and last traded at $20.98. Approximately 340,221 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 742,899 shares. The stock had previously closed at $19.59.

GigaCloud Technology Price Performance

The business has a fifty day moving average of $21.84 and a 200 day moving average of $23.65. The stock has a market cap of $802.23 million, a PE ratio of 6.20 and a beta of 1.92.

Insider Transactions 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 completion of the transaction, the chief technology officer now owns 867,540 shares in the company, valued at approximately $19,207,335.60. This trade represents a 8.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $21.80, for a total value of $58,055,056.80. Following the sale, the insider now directly owns 1,406,813 shares in the company, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank bought a new stake in GigaCloud Technology in the second quarter valued at $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth about $26,000. New York State Teachers Retirement System bought a new stake in GigaCloud Technology in the 3rd quarter valued at about $49,000. Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology in the 2nd quarter valued at about $66,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in GigaCloud Technology during the 3rd quarter valued at about $51,000. 34.94% of the stock is owned by institutional investors and hedge funds.

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.