Newegg Commerce (NASDAQ:NEGG) Stock Price Up 12.3% – Here’s What Happened

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG) traded up 12.3% during trading on Wednesday . The company traded as high as $87.72 and last traded at $87.3260. 405,671 shares were traded during mid-day trading, a decline of 49% from the average session volume of 800,278 shares. The stock had previously closed at $77.77.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Newegg Commerce in a research note on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Newegg Commerce Trading Up 12.4%

The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average price is $49.76 and its two-hundred day moving average price is $35.77.

Insiders Place Their Bets

In related news, major shareholder Vladimir Galkin purchased 11,111 shares of the firm’s stock in a transaction on Friday, August 15th. The stock was bought at an average cost of $104.72 per share, with a total value of $1,163,543.92. Following the completion of the acquisition, the insider owned 3,511,111 shares of the company’s stock, valued at $367,683,543.92. The trade was a 0.32% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On Newegg Commerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new position in Newegg Commerce during the first quarter worth $55,000. FNY Investment Advisers LLC acquired a new position in shares of Newegg Commerce during the 2nd quarter worth about $64,000. Bank of America Corp DE lifted its stake in Newegg Commerce by 10,675.0% in the 2nd quarter. Bank of America Corp DE now owns 10,775 shares of the company’s stock valued at $175,000 after buying an additional 10,675 shares in the last quarter. Ritholtz Wealth Management purchased a new position in Newegg Commerce in the 3rd quarter valued at about $243,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Newegg Commerce in the 3rd quarter worth about $1,762,000. Hedge funds and other institutional investors own 0.45% of the company’s stock.

About Newegg Commerce

Newegg Commerce, Inc operates as an electronics-focused e-retailer in North America. The company offers desktops, laptops, gaming laptops, peripherals, and accessories; CPU/processors, graphic cards, motherboards, storage devices, and computer accessories; home video and audio, headphones, pro audio/video, cellphones, wearables, and digital cameras; display and printing, office technology furniture, office supplies, and mailing and inventory supplies; and software, digital downloads, warranty and services, 3rd party gift cards, and entertainment products.