Frank Hurst Lin Sells 2,663,076 Shares of GigaCloud Technology Inc. (NASDAQ:GCT) Stock

GigaCloud Technology Inc. (NASDAQ:GCT) major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $21.80, for a total value of $58,055,056.80. Following the transaction, the insider now owns 1,406,813 shares in the company, valued at approximately $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 through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

GigaCloud Technology Stock Performance

Shares of GCT stock opened at $20.69 on Friday. GigaCloud Technology Inc. has a fifty-two week low of $12.66 and a fifty-two week high of $45.18. The firm has a market cap of $847.67 million, a P/E ratio of 6.55 and a beta of 1.74. The business’s 50 day moving average price is $24.12 and its 200-day moving average price is $25.29.

Institutional Trading of GigaCloud Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in GigaCloud Technology by 49.5% in the 3rd 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 in the last quarter. Invst LLC raised its stake in GigaCloud Technology by 54.3% in the third quarter. Invst LLC now owns 17,289 shares of the company’s stock worth $397,000 after buying an additional 6,081 shares in the last quarter. Second Line Capital LLC lifted its holdings in GigaCloud Technology by 17.2% in the third quarter. Second Line Capital LLC now owns 102,480 shares of the company’s stock worth $2,355,000 after buying an additional 15,028 shares during the period. Geode Capital Management LLC boosted its position in GigaCloud Technology by 90.7% during the 3rd quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock valued at $13,265,000 after acquiring an additional 274,506 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $731,000. Hedge funds and other institutional investors 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.