Franklin Resources Inc. Has $10.16 Million Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

Franklin Resources Inc. increased its stake in shares of GigaCloud Technology Inc. (NASDAQ:GCT) by 49.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 409,829 shares of the company’s stock after buying an additional 135,726 shares during the quarter. Franklin Resources Inc.’s holdings in GigaCloud Technology were worth $10,164,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in GCT. International Assets Investment Management LLC bought a new stake in shares of GigaCloud Technology during the 3rd quarter worth approximately $1,083,000. Segall Bryant & Hamill LLC bought a new stake in GigaCloud Technology during the third quarter worth $1,556,000. Principal Financial Group Inc. acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at $1,442,000. Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of GigaCloud Technology by 60.4% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in shares of GigaCloud Technology during the 3rd quarter worth $1,305,000. Institutional investors own 34.94% of the company’s stock.

GigaCloud Technology Stock Up 1.2 %

NASDAQ:GCT opened at $17.93 on Friday. GigaCloud Technology Inc. has a twelve month low of $14.57 and a twelve month high of $45.18. The stock’s 50-day simple moving average is $23.34 and its 200 day simple moving average is $24.73. The firm has a market capitalization of $734.63 million, a PE ratio of 5.67 and a beta of 1.74.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 1,406,813 shares of the company’s stock, valued at $30,668,523.40. This represents a 65.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Xin Wan sold 68,437 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $20.43, for a total transaction 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 trade represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is 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.