GigaCloud Technology (NASDAQ:GCT) Shares Up 4.8% – Should You Buy?

GigaCloud Technology Inc. (NASDAQ:GCT) was up 4.8% on Tuesday . The stock traded as high as $21.33 and last traded at $21.30. Approximately 426,662 shares changed hands during trading, a decline of 55% from the average daily volume of 938,063 shares. The stock had previously closed at $20.33.

GigaCloud Technology Stock Performance

The stock has a market capitalization of $850.66 million, a PE ratio of 6.54 and a beta of 1.94. The stock has a 50-day moving average price of $20.20 and a two-hundred day moving average price of $22.02.

Insider Activity at GigaCloud Technology

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the sale, the insider now owns 1,406,813 shares in the company, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Xin Wan sold 80,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the completion of the sale, the chief technology officer now directly owns 867,540 shares in the company, valued at approximately $19,207,335.60. This represents a 8.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,811,979 shares of company stock worth $61,233,745. 43.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GCT. MFA Wealth Advisors LLC purchased a new position in shares of GigaCloud Technology during the third quarter valued at $26,000. US Bancorp DE increased its position in GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after purchasing an additional 1,000 shares during the period. Amundi purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $45,000. New York State Teachers Retirement System purchased a new position in GigaCloud Technology during the third quarter valued at approximately $49,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in GigaCloud Technology during the third quarter valued at approximately $51,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.