GigaCloud Technology (NASDAQ:GCT) Trading Up 4.8% - Should You Buy?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shot up 4.8% during trading on Tuesday . The stock traded as high as $21.33 and last traded at $21.30. 426,662 shares were traded during trading, a decline of 55% from the average session volume of 938,063 shares. The stock had previously closed at $20.33.

GigaCloud Technology Stock Up 1.4 %

The stock has a 50 day simple moving average of $19.85 and a 200 day simple moving average of $21.84. The stock has a market cap of $838.25 million, a price-to-earnings ratio of 6.47 and a beta of 1.94.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, insider Marshall Bernes purchased 5,000 shares of the company's stock in a transaction that occurred 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 completion of the acquisition, the insider now owns 45,000 shares of the company's stock, valued at $787,500. The trade was a 12.50 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction on 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 sale, the insider now owns 1,406,813 shares in the company, valued at $30,668,523.40. This trade represents a 65.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,811,979 shares of company stock valued at $61,233,745 over the last 90 days. Insiders own 43.00% of the company's stock.

Institutional Trading of GigaCloud Technology

Several hedge funds have recently made changes to their positions in GCT. Townsquare Capital LLC grew its position in shares of GigaCloud Technology by 4.6% in the third quarter. Townsquare Capital LLC now owns 19,440 shares of the company's stock valued at $447,000 after purchasing an additional 862 shares in the last quarter. US Bancorp DE grew its position in shares of GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after purchasing an additional 1,000 shares in the last quarter. Mariner LLC grew its position in shares of GigaCloud Technology by 10.5% in the fourth quarter. Mariner LLC now owns 11,066 shares of the company's stock valued at $205,000 after purchasing an additional 1,056 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in shares of GigaCloud Technology in the third quarter valued at $26,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of GigaCloud Technology by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,198 shares of the company's stock valued at $4,004,000 after purchasing an additional 1,629 shares in the last quarter. 34.94% of the stock is currently owned by institutional investors.

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.