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 that occurred 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 owns 1,406,813 shares of the company’s stock, valued at approximately $30,668,523.40. The trade was a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

GigaCloud Technology Stock Performance

GCT stock opened at $20.69 on Friday. The firm has a market cap of $847.67 million, a P/E ratio of 6.55 and a beta of 1.74. The firm’s fifty day moving average is $24.12 and its 200 day moving average is $25.29. GigaCloud Technology Inc. has a 52 week low of $12.66 and a 52 week high of $45.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Great Valley Advisor Group Inc. purchased a new stake in GigaCloud Technology during the 2nd quarter valued at about $329,000. Bank of New York Mellon Corp purchased a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $2,000,000. Commonwealth Equity Services LLC boosted its stake in shares of GigaCloud Technology by 133.1% during the second quarter. Commonwealth Equity Services LLC now owns 42,370 shares of the company’s stock valued at $1,289,000 after purchasing an additional 24,190 shares during the period. Aptus Capital Advisors LLC bought a new position in shares of GigaCloud Technology in the second quarter worth approximately $2,663,000. Finally, Rhumbline Advisers purchased a new position in shares of GigaCloud Technology in the second quarter worth $930,000. 34.94% of the stock is owned by institutional investors.

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.