Geode Capital Management LLC Acquires 274,506 Shares of GigaCloud Technology Inc. (NASDAQ:GCT)

Geode Capital Management LLC boosted its holdings in GigaCloud Technology Inc. (NASDAQ:GCT) by 90.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 577,108 shares of the company’s stock after acquiring an additional 274,506 shares during the quarter. Geode Capital Management LLC owned 1.40% of GigaCloud Technology worth $13,265,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GCT. Bank of New York Mellon Corp bought a new position in GigaCloud Technology in the 2nd quarter valued at approximately $2,000,000. Commonwealth Equity Services LLC lifted its position in GigaCloud Technology by 133.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 42,370 shares of the company’s stock valued at $1,289,000 after acquiring an additional 24,190 shares in the last quarter. Aptus Capital Advisors LLC purchased a new stake in GigaCloud Technology during the 2nd quarter valued at $2,663,000. Rhumbline Advisers purchased a new stake in GigaCloud Technology during the 2nd quarter valued at $930,000. Finally, Legacy Bridge LLC purchased a new stake in GigaCloud Technology during the 2nd quarter valued at $647,000. 34.94% of the stock is owned by institutional investors.

Insider Buying and Selling at GigaCloud Technology

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’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 sale, the insider now directly owns 1,406,813 shares in the company, valued at $30,668,523.40. This represents a 65.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 owns 867,540 shares of the company’s stock, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,811,979 shares of company stock worth $61,233,745. Insiders own 43.00% of the company’s stock.

GigaCloud Technology Trading Down 2.3 %

Shares of GCT opened at $17.17 on Tuesday. The firm has a market cap of $703.49 million, a PE ratio of 5.43 and a beta of 1.74. The firm has a fifty day simple moving average of $22.49 and a two-hundred day simple moving average of $24.10. GigaCloud Technology Inc. has a 1-year low of $15.61 and a 1-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.