GigaCloud Technology (NASDAQ:GCT) Shares Down 3.1% - What's Next?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $20.55 and last traded at $20.74. 273,513 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 1,071,634 shares. The stock had previously closed at $21.40.

GigaCloud Technology Price Performance

The firm has a market cap of $823.13 million, a PE ratio of 6.36 and a beta of 1.92. The company has a 50-day simple moving average of $21.92 and a 200-day simple moving average of $23.72.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, 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 transaction of $58,055,056.80. Following the completion of the sale, the insider now directly owns 1,406,813 shares of the company's stock, valued at $30,668,523.40. The trade was a 65.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Marshall Bernes purchased 5,000 shares of the company's stock in a transaction dated Friday, December 27th. The shares were purchased at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the transaction, the insider now directly owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 2,811,979 shares of company stock worth $61,233,745 in the last quarter. 43.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

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

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.