Insider Buying: GigaCloud Technology Inc. (NASDAQ:GCT) Insider Acquires 5,000 Shares of Stock

GigaCloud Technology Inc. (NASDAQ:GCT) insider Marshall Bernes bought 5,000 shares of the stock in a transaction dated Friday, December 27th. The stock was bought at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at approximately $787,500. This represents a 12.50 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

GigaCloud Technology Stock Up 2.9 %

Shares of GCT stock opened at $19.06 on Friday. The company’s fifty day simple moving average is $22.07 and its two-hundred day simple moving average is $23.93. GigaCloud Technology Inc. has a 52 week low of $15.61 and a 52 week high of $45.18. The stock has a market cap of $780.93 million, a P/E ratio of 6.03 and a beta of 1.74.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in GigaCloud Technology in the second quarter worth $2,000,000. Commonwealth Equity Services LLC increased its holdings in shares of GigaCloud Technology by 133.1% in the 2nd quarter. Commonwealth Equity Services LLC now owns 42,370 shares of the company’s stock worth $1,289,000 after buying an additional 24,190 shares during the last quarter. Aptus Capital Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 2nd quarter valued at about $2,663,000. Rhumbline Advisers bought a new position in shares of GigaCloud Technology in the 2nd quarter valued at about $930,000. Finally, Legacy Bridge LLC purchased a new position in GigaCloud Technology in the second quarter worth about $647,000. 34.94% of the stock is currently 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.