In a recent transaction, the Chief Operating Officer (COO) of GigaCloud Technology Inc (NASDAQ:GCT), Hao Xinyan, has sold a substantial amount of company stock, totaling over $1 million. The sales took place on March 28, 2024, with the price per share ranging from $27.2691 to $28.5059.
The transaction details, which were made public through a Form 4 filing with the Securities and Exchange Commission, indicate that a series of sales were conducted. The shares sold were Class A Ordinary Shares, each with a par value of $0.05. The total amount realized from these sales was approximately $1,057,143.
The COO sold 15,252 shares at $27.7176 per share, 10,000 shares at $28.0035 per share, 6,572 shares at $27.2691 per share, 3,200 shares at $27.6528 per share, and 3,040 shares at $28.5059 per share. Following these transactions, the COO's indirectly held shares, through ICEBERY LIMITED, amounted to 1,110,848 Class A Ordinary Shares of GigaCloud Technology Inc.
It is important to note that the securities are directly held by ICEBERY LIMITED, and Hao Xinyan, being the sole shareholder and director of ICEBERY LIMITED, may be deemed to have indirect beneficial ownership of the securities. However, the Form 4 filing explicitly states that this should not be construed as an admission that Hao Xinyan is the beneficial owner of these securities for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
Investors often monitor insider transactions such as these for insights into executive confidence in the company's future performance. Shares of GigaCloud Technology Inc closed at $XX.XX on the previous trading day. The company, which operates in the retail-catalog and mail-order houses sector, has its headquarters located at 4388 Shirley Avenue, El Monte, CA.
InvestingPro Insights
The recent insider selling by GigaCloud Technology Inc's (NASDAQ:GCT) COO has caught the attention of investors, raising questions about the company's stock performance and future outlook. Here are some key data points and insights from InvestingPro that may shed light on the situation:
InvestingPro Data:
- Market Capitalization: GigaCloud Technology currently has a market cap of $1.09 billion, illustrating its substantial size within the retail-catalog and mail-order houses sector.
- Price-to-Earnings Ratio: With a P/E ratio of 11.12 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 11.29, the company's stock is being valued by the market at a level that suggests investors are expecting earnings to continue to grow.
- Revenue Growth: The company has shown impressive revenue growth of 43.62% over the last twelve months as of Q4 2023, indicating a strong expansion in their business activities.
InvestingPro Tips:
- Analysts are expecting sales growth in the current year for GigaCloud Technology, which may be a positive sign for investors looking for growth potential in the company.
- Despite the insider selling, the company's stock has experienced a strong return over the last three months, with a 46.05% price total return in that period, according to InvestingPro data.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available at InvestingPro, including insights into the company's profitability and debt levels. To access these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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