GigaCloud Technology (NASDAQ:GCT) Shares Down 5.5% – Here’s What Happened

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price was down 5.5% during trading on Wednesday . The company traded as low as $20.74 and last traded at $20.78. Approximately 1,004,154 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,174,429 shares. The stock had previously closed at $21.99.

GigaCloud Technology Price Performance

The company has a 50-day moving average of $24.12 and a 200 day moving average of $25.29. The company has a market cap of $847.67 million, a PE ratio of 6.55 and a beta of 1.74.

Insider Transactions at GigaCloud Technology

In other news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.80, for a total value of $58,055,056.80. Following the sale, the insider now directly owns 1,406,813 shares in the company, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction on Friday, December 6th. The stock was sold at an average price of $22.14, for a total value of $1,771,200.00. Following the sale, the chief technology officer now owns 867,540 shares of the company’s stock, valued at approximately $19,207,335.60. This trade represents a 8.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently modified their holdings of the stock. Amalgamated Bank purchased a new position in shares of GigaCloud Technology during the second quarter valued at $25,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology in the 3rd quarter worth $26,000. New York State Teachers Retirement System bought a new position in GigaCloud Technology in the third quarter worth about $49,000. Benjamin F. Edwards & Company Inc. purchased a new stake in GigaCloud Technology during the second quarter valued at approximately $66,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of GigaCloud Technology in the 3rd quarter worth $51,000. 34.94% of the stock is 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.