Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Drops By 12.3%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) was the recipient of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 5,710,000 shares, a decrease of 12.3% from the November 15th total of 6,510,000 shares. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is presently 3.5 days. Currently, 23.1% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, CTO Xin Wan sold 80,000 shares of the company'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 of the company's stock, valued at approximately $19,207,335.60. This represents a 8.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of GigaCloud Technology stock in a transaction on Friday, December 6th. The shares were sold at an average price of $21.80, for a total value of $58,055,056.80. Following the completion of the transaction, the insider now owns 1,406,813 shares of the company's stock, valued at approximately $30,668,523.40. The trade was a 65.43 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 43.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GCT. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology during the second quarter worth $25,000. MFA Wealth Advisors LLC bought a new stake in shares of GigaCloud Technology in the 3rd quarter valued at about $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in GigaCloud Technology during the 3rd quarter worth approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in GigaCloud Technology during the second quarter valued at approximately $66,000. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Trading Down 0.1 %

Shares of GigaCloud Technology stock traded down $0.02 during trading on Friday, reaching $20.69. The company's stock had a trading volume of 1,048,034 shares, compared to its average volume of 2,168,963. The stock has a 50-day moving average price of $23.97 and a two-hundred day moving average price of $25.13. The stock has a market capitalization of $847.71 million, a P/E ratio of 6.55 and a beta of 1.74. GigaCloud Technology has a one year low of $12.66 and a one year high of $45.18.

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.