GigaCloud Technology Inc. (NASDAQ:GCT) Shares Bought by State Street Corp

State Street Corp lifted its position in GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) by 31.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 502,445 shares of the company's stock after buying an additional 121,037 shares during the period. State Street Corp owned approximately 1.21% of GigaCloud Technology worth $11,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GCT. Harvest Fund Management Co. Ltd purchased a new stake in GigaCloud Technology in the 3rd quarter worth approximately $6,956,000. Charles Schwab Investment Management Inc. boosted its position in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company's stock worth $4,931,000 after purchasing an additional 158,033 shares during the period. WT Asset Management Ltd purchased a new stake in shares of GigaCloud Technology in the third quarter worth $2,804,000. Aptus Capital Advisors LLC bought a new stake in shares of GigaCloud Technology during the 2nd quarter valued at $2,663,000. Finally, Second Line Capital LLC purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at $2,660,000. Hedge funds and other institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Up 0.2 %

NASDAQ GCT traded up $0.03 on Thursday, reaching $18.08. The company had a trading volume of 1,007,302 shares, compared to its average volume of 2,133,092. The stock has a market capitalization of $740.77 million, a PE ratio of 5.72 and a beta of 1.74. The firm's 50 day moving average price is $22.97 and its 200 day moving average price is $24.46. GigaCloud Technology Inc. has a 12 month low of $15.61 and a 12 month high of $45.18.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of the company's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $22.14, for a total value 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 represents a 8.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business's stock in a transaction on 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 transaction, the insider now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,811,979 shares of company stock valued at $61,233,745 over the last 90 days. 43.00% of the stock is owned by corporate insiders.

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.