Newegg Commerce (NASDAQ:NEGG) Given "Sell (E+)" Rating at Weiss Ratings

Key Points

• Newegg Commerce's stock has been reaffirmed with a "sell (E+)" rating by Weiss Ratings, highlighting ongoing concerns about the company's performance.
• Major shareholder Vladimir Galkin increased his stake in Newegg by 15% through the purchase of 416,799 shares at an average price of $29.68 per share, totaling over $12.3 million.
• Institutional investors have shown mixed interest, with some increasing their stakes significantly, such as Bank of America Corp DE, which grew its stake by 10,675% during the second quarter.

Newegg Commerce (NASDAQ:NEGG - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Newegg Commerce Stock Performance

NASDAQ NEGG opened at $49.58 on Wednesday. Newegg Commerce has a twelve month low of $3.32 and a twelve month high of $137.84. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.25 and a quick ratio of 0.52. The stock has a 50-day simple moving average of $58.66 and a 200 day simple moving average of $27.98.

Insider Buying and Selling

In related news, major shareholder Vladimir Galkin purchased 416,799 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were bought at an average price of $29.68 per share, with a total value of $12,370,594.32. Following the purchase, the insider directly owned 3,194,576 shares in the company, valued at $94,815,015.68. This trade represents a 15.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders acquired 1,011,111 shares of company stock valued at $35,102,151. 22.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newegg Commerce

Large investors have recently added to or reduced their stakes in the company. Marshall Wace LLP bought a new position in shares of Newegg Commerce in the 2nd quarter valued at about $4,281,000. XTX Topco Ltd bought a new stake in shares of Newegg Commerce during the first quarter worth $55,000. Bank of America Corp DE grew its stake in shares of Newegg Commerce by 10,675.0% during the second quarter. Bank of America Corp DE now owns 10,775 shares of the company's stock worth $175,000 after buying an additional 10,675 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Newegg Commerce during the second quarter worth $64,000. Institutional investors own 0.45% of the company's stock.

Newegg Commerce Company Profile

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.

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