GigaCloud Technology Inc. (NASDAQ:GCT) Short Interest Down 12.3% in November

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 5,710,000 shares, a decrease of 12.3% from the November 15th total of 6,510,000 shares. Currently, 23.1% of the company’s stock are sold short. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is presently 3.5 days.

GigaCloud Technology Stock Down 0.1 %

Shares of NASDAQ GCT traded down $0.02 during trading hours on Friday, hitting $20.69. 1,048,034 shares of the stock were exchanged, compared to its average volume of 2,168,963. GigaCloud Technology has a 12 month low of $12.66 and a 12 month high of $45.18. The firm has a fifty day moving average price of $23.97 and a 200-day moving average price of $25.17. The company has a market cap of $847.71 million, a PE ratio of 6.55 and a beta of 1.74.

Insider Transactions at GigaCloud Technology

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the completion of the sale, the insider now directly owns 1,406,813 shares in the company, 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 SEC, which is available through this link. Also, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $22.14, for a total value of $1,771,200.00. Following the completion of the transaction, the chief technology officer now owns 867,540 shares in the company, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently made changes to their positions in GCT. Harvest Fund Management Co. Ltd acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at $6,956,000. Geode Capital Management LLC increased its holdings in shares of GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after purchasing an additional 274,506 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock worth $4,931,000 after purchasing an additional 158,033 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after purchasing an additional 135,726 shares during the period. Finally, WT Asset Management Ltd purchased a new stake in GigaCloud Technology in the third quarter valued at approximately $2,804,000. Hedge funds and other 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.