GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shares gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $17.17, but opened at $17.74. GigaCloud Technology shares last traded at $18.35, with a volume of 329,496 shares changing hands.
Specifically, insider Marshall Bernes bought 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 27th. The shares were bought at an average price of $17.50 per share, with a total value of $87,500.00. Following the acquisition, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
GigaCloud Technology Price Performance
The stock has a market capitalization of $758.80 million, a P/E ratio of 5.86 and a beta of 1.74. The stock has a 50 day moving average price of $22.33 and a 200-day moving average price of $24.01.
Hedge Funds Weigh In On GigaCloud Technology
Institutional investors and hedge funds have recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd purchased a new position in shares of GigaCloud Technology in the third quarter valued at about $6,956,000. Geode Capital Management LLC grew its stake in shares of GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company's stock worth $13,265,000 after purchasing an additional 274,506 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 valued at $4,931,000 after purchasing an additional 158,033 shares during the period. Franklin Resources Inc. raised its position in GigaCloud Technology by 49.5% during the 3rd quarter. Franklin Resources Inc. now owns 409,829 shares of the company's stock valued at $10,164,000 after purchasing an additional 135,726 shares during the last quarter. Finally, WT Asset Management Ltd purchased a new stake in GigaCloud Technology in the 3rd quarter worth approximately $2,804,000. 34.94% of the stock is currently owned by institutional investors.
GigaCloud Technology Company Profile
(
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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.
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