GigaCloud Technology (NASDAQ:GCT) Stock Price Down 5.1% - Here's What Happened

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price fell 5.1% during trading on Friday . The stock traded as low as $21.60 and last traded at $21.55. 576,420 shares changed hands during trading, a decline of 41% from the average session volume of 969,980 shares. The stock had previously closed at $22.71.

GigaCloud Technology Stock Performance

The company has a market capitalization of $848.90 million, a PE ratio of 6.56 and a beta of 1.94. The business has a fifty day moving average price of $20.49 and a 200 day moving average price of $22.19.

Insiders Place Their Bets

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company's stock in a transaction dated 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 completion of the sale, the insider now owns 1,406,813 shares of the company's stock, valued at $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Xin Wan sold 80,000 shares of the firm's stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $22.14, for a total value of $1,771,200.00. Following the sale, the chief technology officer now owns 867,540 shares in the company, valued at approximately $19,207,335.60. The trade was a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,811,979 shares of company stock worth $61,233,745 over the last ninety days. 43.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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