Jane Street Group LLC Decreases Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Jane Street Group LLC cut its holdings in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 56.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,898 shares of the company’s stock after selling 18,022 shares during the quarter. Jane Street Group LLC’s holdings in GigaCloud Technology were worth $319,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GCT. Bank of New York Mellon Corp acquired a new stake in shares of GigaCloud Technology during the 2nd quarter worth about $2,000,000. Commonwealth Equity Services LLC increased its holdings in GigaCloud Technology by 133.1% in the second quarter. Commonwealth Equity Services LLC now owns 42,370 shares of the company’s stock valued at $1,289,000 after buying an additional 24,190 shares during the last quarter. Rhumbline Advisers acquired a new position in GigaCloud Technology in the second quarter valued at approximately $930,000. Headlands Technologies LLC lifted its position in GigaCloud Technology by 15,300.0% in the second quarter. Headlands Technologies LLC now owns 20,328 shares of the company’s stock valued at $618,000 after acquiring an additional 20,196 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its position in GigaCloud Technology by 21.0% during the second quarter. Thoroughbred Financial Services LLC now owns 54,926 shares of the company’s stock worth $1,670,000 after buying an additional 9,540 shares during the period. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Stock Performance

NASDAQ GCT opened at $19.58 on Friday. The firm’s fifty day moving average is $21.74 and its two-hundred day moving average is $23.62. The firm has a market cap of $802.23 million, a PE ratio of 6.20 and a beta of 1.92. GigaCloud Technology Inc. has a one year low of $15.61 and a one year high of $45.18.

Insider Buying and Selling at GigaCloud Technology

In related news, insider Marshall Bernes bought 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The shares were bought 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 trade represents a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available 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 completion of the transaction, the chief technology officer now owns 1,563 shares of the company’s stock, valued at approximately $31,932.09. This represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,811,979 shares of company stock worth $61,233,745. 43.00% of the stock is currently owned by insiders.

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.