MML Investors Services LLC Cuts Stock Holdings in GigaCloud Technology Inc. (NASDAQ:GCT)

MML Investors Services LLC reduced its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 50.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,166 shares of the company’s stock after selling 16,462 shares during the period. MML Investors Services LLC’s holdings in GigaCloud Technology were worth $371,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GCT. Main Management ETF Advisors LLC bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $731,000. State Street Corp grew its position in GigaCloud Technology by 31.7% during the third quarter. State Street Corp now owns 502,445 shares of the company’s stock valued at $11,546,000 after buying an additional 121,037 shares during the period. Quarry LP raised its position in GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after acquiring an additional 3,072 shares during the period. Janus Henderson Group PLC boosted its stake in shares of GigaCloud Technology by 94.2% during the 3rd quarter. Janus Henderson Group PLC now owns 26,283 shares of the company’s stock worth $604,000 after acquiring an additional 12,751 shares during the last quarter. Finally, Centiva Capital LP bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $1,305,000. 34.94% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the firm’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 transaction of $58,055,056.80. Following the transaction, the insider now directly owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. This trade represents a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Xin Wan sold 68,437 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,811,979 shares of company stock worth $61,233,745. Insiders own 43.00% of the company’s stock.

GigaCloud Technology Price Performance

GCT opened at $18.05 on Wednesday. The firm has a market cap of $739.54 million, a P/E ratio of 5.71 and a beta of 1.74. GigaCloud Technology Inc. has a 1-year low of $15.18 and a 1-year high of $45.18. The company has a 50 day simple moving average of $23.21 and a two-hundred day simple moving average of $24.59.

GigaCloud Technology Company 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.