Principal Financial Group Inc. Invests $1.44 Million in GigaCloud Technology Inc. (NASDAQ:GCT)

Principal Financial Group Inc. purchased a new stake in GigaCloud Technology Inc. (NASDAQ:GCT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 62,760 shares of the company’s stock, valued at approximately $1,442,000. Principal Financial Group Inc. owned 0.15% of GigaCloud Technology as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology in the second quarter valued at $25,000. MFA Wealth Advisors LLC purchased a new stake in GigaCloud Technology in the 3rd quarter worth about $26,000. New York State Teachers Retirement System acquired a new stake in GigaCloud Technology during the 3rd quarter worth about $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in GigaCloud Technology during the 3rd quarter valued at about $51,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors own 34.94% of the company’s stock.

Insiders Place Their Bets

In related news, CTO Xin Wan sold 68,437 shares of the stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Marshall Bernes acquired 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 27th. The shares were acquired at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the transaction, the insider now owns 45,000 shares of the company’s stock, valued at approximately $787,500. This represents a 12.50 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 2,811,979 shares of company stock worth $61,233,745 in the last quarter. 43.00% of the stock is currently owned by corporate insiders.

GigaCloud Technology Price Performance

NASDAQ GCT opened at $19.59 on Friday. The company has a 50 day simple moving average of $21.98 and a 200-day simple moving average of $23.86. GigaCloud Technology Inc. has a 52-week low of $15.61 and a 52-week high of $45.18. The firm has a market capitalization of $802.60 million, a price-to-earnings ratio of 6.20 and a beta of 1.74.

GigaCloud Technology 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.