Geode Capital Management LLC Buys 274,506 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Geode Capital Management LLC raised its holdings in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 90.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 577,108 shares of the company's stock after purchasing an additional 274,506 shares during the quarter. Geode Capital Management LLC owned 1.40% of GigaCloud Technology worth $13,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology during the 2nd quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new position in GigaCloud Technology during the third quarter valued at $26,000. New York State Teachers Retirement System purchased a new stake in GigaCloud Technology in the third quarter worth $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of GigaCloud Technology in the third quarter valued at $51,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at $66,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at GigaCloud Technology

In other news, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction 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 directly owns 867,540 shares in the company, valued at approximately $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marshall Bernes acquired 5,000 shares of the company's stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now directly owns 45,000 shares in the company, valued at $787,500. This represents a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,811,979 shares of company stock worth $61,233,745 over the last quarter. Corporate insiders own 43.00% of the company's stock.

GigaCloud Technology Stock Up 7.9 %

GCT traded up $1.35 during trading hours on Tuesday, hitting $18.52. The stock had a trading volume of 1,865,010 shares, compared to its average volume of 2,122,916. The stock has a market cap of $758.80 million, a PE ratio of 5.86 and a beta of 1.74. GigaCloud Technology Inc. has a 1 year low of $15.61 and a 1 year high of $45.18. The company's fifty day simple moving average is $22.33 and its 200 day simple moving average is $24.01.

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.