GigaCloud Technology (NASDAQ:GCT) Shares Up 4.8% - Here's What Happened

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

GigaCloud Technology Price Performance

The firm's 50-day moving average is $19.85 and its two-hundred day moving average is $21.74. The company has a market cap of $838.25 million, a P/E ratio of 6.47 and a beta of 1.94.

Insiders Place Their Bets

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of the company's 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 transaction, the chief technology officer now owns 867,540 shares of the company's stock, valued at $19,207,335.60. This represents a 8.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Marshall Bernes bought 5,000 shares of the firm's stock in a transaction dated Friday, December 27th. The shares were acquired at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the transaction, the insider now owns 45,000 shares of the company's stock, valued at approximately $787,500. The trade was a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 2,811,979 shares of company stock valued at $61,233,745 over the last ninety days. 43.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GCT. SG Americas Securities LLC purchased a new position in shares of GigaCloud Technology during the third quarter worth approximately $231,000. Creative Planning bought a new stake in GigaCloud Technology during the 3rd quarter valued at $207,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of GigaCloud Technology in the 3rd quarter worth $326,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth $26,000. Finally, International Assets Investment Management LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth $1,083,000. Hedge funds and other institutional investors own 34.94% of the company's stock.

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.