UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Takes $417,000 Position in GigaCloud Technology Inc. (NASDAQ:GCT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 18,157 shares of the company’s stock, valued at approximately $417,000.

Other large investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new position in GigaCloud Technology during the 3rd quarter worth approximately $6,956,000. Charles Schwab Investment Management Inc. raised its position 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 worth $4,931,000 after purchasing an additional 158,033 shares during the period. WT Asset Management Ltd bought a new position in shares of GigaCloud Technology in the 3rd quarter worth $2,804,000. Aptus Capital Advisors LLC acquired a new stake in GigaCloud Technology in the 2nd quarter valued at $2,663,000. Finally, Second Line Capital LLC bought a new stake in GigaCloud Technology during the 2nd quarter valued at $2,660,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

Shares of NASDAQ GCT opened at $17.93 on Friday. The stock has a market cap of $734.63 million, a price-to-earnings ratio of 5.67 and a beta of 1.74. GigaCloud Technology Inc. has a fifty-two week low of $14.57 and a fifty-two week high of $45.18. The firm’s 50-day simple moving average is $23.34 and its 200 day simple moving average is $24.77.

Insider Activity at GigaCloud Technology

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction that occurred 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 sale, the insider now 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 document filed with the SEC, which is available at the SEC website. Also, CTO Xin Wan sold 68,437 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $20.43, for a total value of $1,398,167.91. Following the sale, the chief technology officer now owns 1,563 shares in the company, valued at approximately $31,932.09. This represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is owned by 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.