GigaCloud Technology Inc. (NASDAQ:GCT) Sees Significant Drop in Short Interest

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

GigaCloud Technology Trading Down 1.4 %

Shares of NASDAQ GCT traded down $0.27 during mid-day trading on Tuesday, hitting $19.69. The company had a trading volume of 931,368 shares, compared to its average volume of 2,160,301. GigaCloud Technology has a 1 year low of $13.29 and a 1 year high of $45.18. The company has a market capitalization of $806.74 million, a price-to-earnings ratio of 6.26 and a beta of 1.74. The stock’s 50-day moving average price is $23.82 and its 200-day moving average price is $25.05.

Insider Transactions at GigaCloud Technology

In related news, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction that occurred on 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 sale, 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 this hyperlink. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the stock in a transaction on 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 directly owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. This trade represents a 65.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 43.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in GigaCloud Technology by 90.7% in the third quarter. Geode Capital Management LLC now owns 577,108 shares of the company’s stock worth $13,265,000 after acquiring an additional 274,506 shares in the last quarter. State Street Corp increased its holdings in GigaCloud Technology by 31.7% during the 3rd quarter. State Street Corp now owns 502,445 shares of the company’s stock valued at $11,546,000 after purchasing an additional 121,037 shares during the period. Franklin Resources Inc. lifted its stake in GigaCloud Technology by 49.5% in the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company’s stock worth $10,164,000 after acquiring an additional 135,726 shares during the period. Harvest Fund Management Co. Ltd purchased a new stake in shares of GigaCloud Technology in the 3rd quarter worth about $6,956,000. Finally, Charles Schwab Investment Management Inc. boosted its position in GigaCloud Technology by 279.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after acquiring an additional 158,033 shares in the last quarter. 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.