Allspring Global Investments Holdings LLC Grows Stock Position in GigaCloud Technology Inc. (NASDAQ:GCT)

Allspring Global Investments Holdings LLC grew its position in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 30.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,593 shares of the company’s stock after purchasing an additional 4,392 shares during the period. Allspring Global Investments Holdings LLC’s holdings in GigaCloud Technology were worth $344,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Townsquare Capital LLC boosted its stake in shares of GigaCloud Technology by 4.6% during the 3rd quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock valued at $447,000 after buying an additional 862 shares during the last quarter. New York State Teachers Retirement System acquired a new position in GigaCloud Technology during the 3rd quarter worth $49,000. Truvestments Capital LLC increased its position in shares of GigaCloud Technology by 14.6% in the 3rd quarter. Truvestments Capital LLC now owns 17,196 shares of the company’s stock worth $395,000 after purchasing an additional 2,189 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at about $51,000. Finally, Quarry LP lifted its position in shares of GigaCloud Technology by 519.8% during the third quarter. Quarry LP now owns 3,663 shares of the company’s stock worth $84,000 after purchasing an additional 3,072 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at GigaCloud Technology

In related news, CTO Xin Wan sold 80,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $19,207,335.60. This represents a 8.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marshall Bernes bought 5,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. This trade represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 2,811,979 shares of company stock valued at $61,233,745. Company insiders own 43.00% of the company’s stock.

GigaCloud Technology Price Performance

GCT stock opened at $18.08 on Wednesday. The firm has a fifty day moving average price of $19.62 and a two-hundred day moving average price of $21.50. GigaCloud Technology Inc. has a 1-year low of $15.61 and a 1-year high of $45.18. The firm has a market cap of $740.57 million, a price-to-earnings ratio of 5.72 and a beta of 1.94.

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.