Wan Xin, the Chief Technology Officer of GigaCloud Technology Inc (NASDAQ:GCT), a company currently valued at $752 million, recently sold 466 Class A Ordinary Shares, according to a Form 4 filing with the Securities and Exchange Commission. The shares were sold at a price of $20 each, amounting to a total transaction value of $9,320. Following this sale, Wan Xin holds no shares directly under the reported entity, Dongsi Tou Tiao Limited. However, through Faithful Winner Holdings Ltd, Xin retains indirect ownership of 807,540 shares. The transaction was executed under a 10b5-1 trading plan adopted earlier this year. Trading at a P/E ratio of 8.8, GigaCloud shows signs of attractive valuation according to InvestingPro analysis, which identifies multiple positive indicators including strong profitability metrics. Get access to 13 additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
In other recent news, GigaCloud Technology reported strong growth in Q3 2024, with record highs in net income and adjusted EBITDA. The company's Gross Merchandise Volume (GMV) and active third-party sellers also experienced significant year-over-year increases. Despite industry challenges such as higher procurement costs and potential margin impacts from holiday shipping expenses, GigaCloud remains optimistic, supported by strategic acquisitions and supply chain diversification. The company recently authorized a $46 million share repurchase program, and revenues from Europe saw a substantial increase in Q3. GigaCloud also anticipates Q4 revenues to range between $275 million and $290 million.
In addition to these financial developments, GigaCloud Technology announced the appointment of Marshall Bernes to its Board of Directors, replacing Frank Hurst Lin who retired after nearly 18 years of service. Bernes, currently leading GigaCloud's BaaS Program, brings over 30 years of experience in the home furnishings industry.
In other company updates, GigaCloud expects to break even with Noble House by the end of 2024 and is exploring strategic M&A opportunities to expand its presence in Europe. Despite a decrease in product revenue margin and increased operating expenses, GigaCloud's diversified supply chain mitigates tariff risks, and growth in Europe is attributed to improved infrastructure and market attention.
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