State Street Corp Increases Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

State Street Corp raised its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 31.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 502,445 shares of the company’s stock after acquiring an additional 121,037 shares during the quarter. State Street Corp owned 1.21% of GigaCloud Technology worth $11,546,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in GCT. Amalgamated Bank purchased a new position in GigaCloud Technology in the 2nd quarter valued at about $25,000. Townsquare Capital LLC grew its holdings in GigaCloud Technology by 4.6% during the 3rd quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock worth $447,000 after acquiring an additional 862 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in GigaCloud Technology during the 3rd quarter worth $26,000. New York State Teachers Retirement System acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at about $49,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of GigaCloud Technology during the second quarter worth about $66,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Down 0.7 %

Shares of GigaCloud Technology stock opened at $18.05 on Thursday. The business has a 50-day moving average price of $23.10 and a 200 day moving average price of $24.50. GigaCloud Technology Inc. has a fifty-two week low of $15.18 and a fifty-two week high of $45.18. The firm has a market cap of $739.54 million, a P/E ratio of 5.71 and a beta of 1.74.

Insider Transactions at GigaCloud Technology

In other news, CTO Xin Wan sold 68,437 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the completion of the transaction, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at approximately $31,932.09. This represents a 97.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the stock in a transaction that occurred 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 sale, the insider now owns 1,406,813 shares in the company, valued at $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. In the last quarter, insiders sold 2,811,979 shares of company stock worth $61,233,745. 43.00% of the stock is currently 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.