In a recent transaction, the Chief Operating Officer of GigaCloud Technology Inc (NASDAQ:GCT), Hao Xinyan, sold a total of 1,088 Class A Ordinary Shares of the company. The shares were sold at a price of $32.3557 each, amounting to a total value of over $35,203. This transaction was executed on March 19, 2024, and was reported in a filing with the Securities and Exchange Commission.
The sale was conducted indirectly through ICEBERY LIMITED, with Hao Xinyan being the sole shareholder and director of the firm. Following the transaction, it was indicated that ICEBERY LIMITED still holds 1,148,912 shares of GigaCloud Technology Inc. The nature of the ownership is marked as indirect, with the shares being directly held by ICEBERY LIMITED.
It is important to note that the filing includes a statement clarifying that this report should not be considered as an admission that the reporting person, Hao Xinyan, is the beneficial owner of the securities for the purposes of Section 16 or for any other purpose.
The transaction was signed off by David Kwok Hei Lau, Attorney-in-fact, on March 21, 2024. GigaCloud Technology Inc, a company categorized under the retail-catalog & mail-order houses industry, is incorporated in the state of E9 and has its business address in El Monte, California.
InvestingPro Insights
Amid the recent insider transaction at GigaCloud Technology Inc (NASDAQ:GCT), the market has been closely monitoring the company's financial health and stock performance. According to real-time data from InvestingPro, GigaCloud Technology's market capitalization stands at a robust $1.18 billion USD. The company's Price/Earnings (P/E) ratio, an indicator of market expectations about the company's future profitability, is currently at 12.19 based on the last twelve months as of Q4 2023. This suggests that investors are anticipating earnings growth, aligning with the InvestingPro Tips which predict that analysts expect sales growth in the current year.
Investors should note that GigaCloud Technology's stock has experienced significant price volatility, as highlighted by a sharp 17.46% decline over the last week, yet it has seen a strong return of 460.78% over the last year. This level of volatility is consistent with the InvestingPro Tips which state that the stock generally trades with high price volatility. Additionally, the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs and potential investments.
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