GigaCloud Technology (NASDAQ:GCT) Trading 7.1% Higher - What's Next?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) rose 7.1% on Monday . The company traded as high as $20.99 and last traded at $20.98. Approximately 340,221 shares changed hands during trading, a decline of 54% from the average daily volume of 742,899 shares. The stock had previously closed at $19.59.

GigaCloud Technology Price Performance

The firm's fifty day moving average is $21.92 and its two-hundred day moving average is $23.72. The firm has a market cap of $876.76 million, a price-to-earnings ratio of 6.77 and a beta of 1.74.

Insider Activity

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marshall Bernes purchased 5,000 shares of the business's stock in a transaction on Friday, December 27th. The stock was acquired at an average cost of $17.50 per share, with a total value of $87,500.00. Following the completion of the acquisition, the insider now directly owns 45,000 shares in the company, valued at $787,500. The trade was a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 2,811,979 shares of company stock worth $61,233,745 over the last three months. Corporate insiders own 43.00% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of hedge funds have recently modified their holdings of the stock. Amalgamated Bank purchased a new position in GigaCloud Technology in the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $26,000. New York State Teachers Retirement System acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at about $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of GigaCloud Technology in the third quarter worth approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of GigaCloud Technology during the second quarter worth approximately $66,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.