Principal Financial Group Inc. Acquires New Shares in GigaCloud Technology Inc. (NASDAQ:GCT)

Principal Financial Group Inc. bought a new stake in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 62,760 shares of the company's stock, valued at approximately $1,442,000. Principal Financial Group Inc. owned about 0.15% of GigaCloud Technology as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd acquired a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $6,956,000. Geode Capital Management LLC boosted its holdings in shares of GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company's stock valued at $13,265,000 after acquiring an additional 274,506 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 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 acquiring an additional 158,033 shares during the period. Franklin Resources Inc. raised its holdings in GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company's stock worth $10,164,000 after purchasing an additional 135,726 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in GigaCloud Technology during the 3rd quarter valued at $2,804,000. Institutional investors and hedge funds own 34.94% of the company's stock.

Insider Activity

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of the firm's stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the sale, the chief technology officer now directly owns 867,540 shares in the company, valued at approximately $19,207,335.60. This trade 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 stock in a transaction 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 purchase, the insider now owns 45,000 shares in the company, valued at approximately $787,500. This represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 2,811,979 shares of company stock worth $61,233,745 over the last 90 days. 43.00% of the stock is owned by company insiders.

GigaCloud Technology Price Performance

NASDAQ GCT traded up $0.53 on Friday, hitting $19.59. 1,121,419 shares of the company were exchanged, compared to its average volume of 1,368,106. GigaCloud Technology Inc. has a twelve month low of $15.61 and a twelve month high of $45.18. The firm has a market capitalization of $802.60 million, a P/E ratio of 6.20 and a beta of 1.74. The company's 50 day moving average price is $21.98 and its 200-day moving average price is $23.82.

GigaCloud Technology 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.