Virtu Financial LLC Lowers Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

Virtu Financial LLC cut its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 65.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,197 shares of the company’s stock after selling 21,305 shares during the period. Virtu Financial LLC’s holdings in GigaCloud Technology were worth $205,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates acquired a new stake in shares of GigaCloud Technology in the 4th quarter worth $517,000. Ritholtz Wealth Management purchased a new stake in GigaCloud Technology in the 4th quarter valued at approximately $295,000. CWM LLC acquired a new position in GigaCloud Technology during the 4th quarter worth approximately $30,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $622,000. Finally, Avantax Advisory Services Inc. acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at approximately $226,000. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Price Performance

GCT opened at $29.33 on Friday. The stock’s 50 day simple moving average is $33.68 and its 200 day simple moving average is $28.79. The stock has a market cap of $1.20 billion, a P/E ratio of 11.41 and a beta of 1.87. GigaCloud Technology Inc. has a 1-year low of $6.70 and a 1-year high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The company had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the company earned $0.39 earnings per share. Research analysts expect that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on GCT shares. Roth Mkm increased their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group started coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target for the company.

Insider Buying and Selling at GigaCloud Technology

In related news, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the completion of the transaction, the chief executive officer now directly owns 533,816 shares in the company, valued at approximately $21,464,741.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Lei Wu sold 44,000 shares of GigaCloud Technology stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the completion of the sale, the chief executive officer now owns 533,816 shares in the company, valued at approximately $21,464,741.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Xinyan Hao sold 38,064 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.77, for a total transaction of $1,057,037.28. Following the completion of the transaction, the chief operating officer now directly owns 1,110,848 shares of the company’s stock, valued at approximately $30,848,248.96. The disclosure for this sale can be found here. In the last three months, insiders sold 1,578,698 shares of company stock worth $53,711,842. 43.00% of the stock is owned by corporate insiders.

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.