Jane Street Group LLC Cuts Stake in GigaCloud Technology Inc. (NASDAQ:GCT)

Jane Street Group LLC reduced its position in GigaCloud Technology Inc. (NASDAQ:GCT) by 56.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,898 shares of the company’s stock after selling 18,022 shares during the quarter. Jane Street Group LLC’s holdings in GigaCloud Technology were worth $319,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Amalgamated Bank purchased a new position in GigaCloud Technology in the second quarter valued at about $25,000. Townsquare Capital LLC lifted its position in GigaCloud Technology by 4.6% during the 3rd quarter. Townsquare Capital LLC now owns 19,440 shares of the company’s stock worth $447,000 after acquiring an additional 862 shares in the last quarter. MFA Wealth Advisors LLC purchased a new position in GigaCloud Technology in the 3rd quarter worth approximately $26,000. New York State Teachers Retirement System acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $49,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $66,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Trading Down 2.5 %

NASDAQ GCT opened at $19.58 on Friday. The company’s fifty day simple moving average is $21.74 and its 200-day simple moving average is $23.62. The stock has a market cap of $802.23 million, a P/E ratio of 6.20 and a beta of 1.92. GigaCloud Technology Inc. has a 52 week low of $15.61 and a 52 week high of $45.18.

Insider Buying and Selling at GigaCloud Technology

In related news, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total value of $58,055,056.80. Following the completion of the sale, the insider now directly owns 1,406,813 shares of the company’s stock, valued at $30,668,523.40. The trade was a 65.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Marshall Bernes acquired 5,000 shares of the business’s stock in a transaction on Friday, December 27th. The shares were purchased at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the purchase, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. This represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 2,811,979 shares of company stock valued at $61,233,745 in the last ninety days. Insiders own 43.00% 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.