GigaCloud Technology (NASDAQ:GCT) Shares Down 5.1% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price traded down 5.1% during trading on Friday . The stock traded as low as $21.60 and last traded at $21.55. 576,420 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 969,980 shares. The stock had previously closed at $22.71.

GigaCloud Technology Stock Performance

The company’s 50 day simple moving average is $20.80 and its 200 day simple moving average is $22.48. The stock has a market cap of $871.92 million, a PE ratio of 6.73 and a beta of 1.92.

Insider Activity

In other GigaCloud Technology news, insider Marshall Bernes bought 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The shares were acquired at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the purchase, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. The trade was a 12.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total value of $58,055,056.80. Following the transaction, the insider now directly owns 1,406,813 shares of the company’s stock, valued at $30,668,523.40. The trade was a 65.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,811,979 shares of company stock valued at $61,233,745 in the last 90 days. Insiders own 43.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GCT. Amalgamated Bank purchased a new position in shares of GigaCloud Technology during the second quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology in the 3rd quarter worth approximately $26,000. New York State Teachers Retirement System purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $51,000. Finally, Heck Capital Advisors LLC bought a new stake in shares of GigaCloud Technology during the fourth quarter valued at approximately $79,000. Hedge funds and other 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.