GigaCloud Technology Inc. (NASDAQ:GCT) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. lifted its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 49.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 409,829 shares of the company's stock after acquiring an additional 135,726 shares during the quarter. Franklin Resources Inc. owned 1.00% of GigaCloud Technology worth $10,164,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in GigaCloud Technology in the second quarter worth $2,000,000. Commonwealth Equity Services LLC lifted its holdings in GigaCloud Technology by 133.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 42,370 shares of the company's stock valued at $1,289,000 after buying an additional 24,190 shares in the last quarter. Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology during the 2nd quarter valued at about $2,663,000. Rhumbline Advisers purchased a new stake in GigaCloud Technology in the 2nd quarter valued at about $930,000. Finally, Legacy Bridge LLC purchased a new position in shares of GigaCloud Technology during the second quarter worth approximately $647,000. Institutional investors own 34.94% of the company's stock.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology 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 owns 1,406,813 shares in the company, valued at $30,668,523.40. The trade was a 65.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Xin Wan sold 80,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction 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 approximately $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,811,979 shares of company stock valued at $61,233,745 in the last ninety days. Corporate insiders own 43.00% of the company's stock.

GigaCloud Technology Trading Up 1.2 %

Shares of NASDAQ GCT traded up $0.21 during trading hours on Friday, reaching $17.93. The stock had a trading volume of 1,071,758 shares, compared to its average volume of 2,148,268. GigaCloud Technology Inc. has a 52-week low of $14.57 and a 52-week high of $45.18. The firm has a market cap of $734.63 million, a price-to-earnings ratio of 5.67 and a beta of 1.74. The business's fifty day moving average price is $23.34 and its two-hundred day moving average price is $24.68.

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.