GigaCloud Technology (NASDAQ:GCT) Shares Gap Down - Here's Why

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price gapped down prior to trading on Monday . The stock had previously closed at $21.32, but opened at $19.86. GigaCloud Technology shares last traded at $19.36, with a volume of 556,996 shares changing hands.

GigaCloud Technology Trading Down 0.5 %

The firm has a market cap of $810.84 million, a P/E ratio of 6.26 and a beta of 1.94. The company's fifty day moving average price is $20.20 and its two-hundred day moving average price is $22.10.

Insider Transactions at GigaCloud Technology

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Marshall Bernes purchased 5,000 shares of GigaCloud Technology stock in a transaction dated Friday, December 27th. The stock was bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the transaction, the insider now directly owns 45,000 shares in the company, valued at $787,500. The trade was a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 2,811,979 shares of company stock valued at $61,233,745. Corporate insiders own 43.00% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently made changes to their positions in GCT. International Assets Investment Management LLC bought a new position in GigaCloud Technology in the third quarter valued at approximately $1,083,000. Segall Bryant & Hamill LLC bought a new stake in shares of GigaCloud Technology in the third quarter valued at about $1,556,000. Principal Financial Group Inc. bought a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $1,442,000. Charles Schwab Investment Management Inc. boosted its position in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company's stock worth $4,931,000 after acquiring an additional 158,033 shares during the last quarter. Finally, Lake Hills Wealth Management LLC bought a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $332,000. Institutional investors and hedge funds own 34.94% of the company's stock.

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.