GigaCloud Technology (NASDAQ:GCT) Stock Price Down 5.5% – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT) 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.

Wall Street Analysts Forecast Growth

Separately, Aegis raised GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th.

GigaCloud Technology Stock Performance

The firm has a market capitalization of $875.57 million, a PE ratio of 6.96 and a beta of 1.74. The company has a fifty day moving average price of $24.33 and a 200-day moving average price of $25.35.

Insider Transactions at GigaCloud Technology

In other news, CTO Xin Wan sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the transaction, the chief technology officer now owns 867,540 shares of the company’s stock, valued at approximately $19,207,335.60. The trade was a 8.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in GigaCloud Technology in the 3rd quarter valued at $1,083,000. Segall Bryant & Hamill LLC bought a new position in GigaCloud Technology in the 3rd quarter valued at $1,556,000. Principal Financial Group Inc. bought a new position in GigaCloud Technology in the 3rd quarter valued at $1,442,000. Kayne Anderson Rudnick Investment Management LLC grew its position in 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 acquiring an additional 34,318 shares during the last quarter. Finally, Centiva Capital LP bought a new position in GigaCloud Technology in the 3rd quarter valued at $1,305,000. Institutional investors own 34.94% of the company’s stock.

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.