GigaCloud Technology (NASDAQ:GCT) Shares Gap Up After Insider Buying Activity

GigaCloud Technology Inc. (NASDAQ:GCT) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $17.17, but opened at $17.74. GigaCloud Technology shares last traded at $18.35, with a volume of 329,496 shares.

Specifically, insider Marshall Bernes bought 5,000 shares of the stock in a transaction on Friday, December 27th. The stock was purchased at an average price of $17.50 per share, with a total value of $87,500.00. Following the completion of the purchase, the insider now owns 45,000 shares in the company, valued at $787,500. The trade was a 12.50 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

GigaCloud Technology Trading Up 7.9 %

The firm has a market capitalization of $758.80 million, a price-to-earnings ratio of 5.86 and a beta of 1.74. The firm’s 50-day moving average is $22.20 and its 200 day moving average is $23.97.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GCT. Amalgamated Bank bought a new stake in shares of GigaCloud Technology during the 2nd quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth about $26,000. New York State Teachers Retirement System bought a new position in shares of GigaCloud Technology in the 3rd quarter worth $49,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of GigaCloud Technology in the third quarter worth approximately $51,000. Finally, Benjamin F. Edwards & Company Inc. bought a new position in shares of GigaCloud Technology during the 2nd quarter worth approximately $66,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.