Newegg Commerce (NASDAQ:NEGG) Hits New 52-Week High - Here's What Happened

Key Points

• Newegg Commerce's stock reached a new 52-week high of $98.45, currently trading at $91.89 with a significant volume of over 1.8 million shares.
• Major shareholder Vladimir Galkin increased his stake by purchasing 416,799 shares at an average price of $29.68, boosting his ownership by 15%.
• Institutional investors show increased interest, with several hedge funds acquiring positions in Newegg Commerce, reflecting a growing confidence in the company’s prospects.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $98.45 and last traded at $91.89, with a volume of 1816366 shares changing hands. The stock had previously closed at $73.64.

Newegg Commerce Stock Down 21.1%

The business has a 50-day moving average of $34.61 and a 200-day moving average of $15.97. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.16 and a quick ratio of 0.76.

Insider Buying and Selling at Newegg Commerce

In other news, major shareholder Vladimir Galkin acquired 138,757 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $42.33 per share, for a total transaction of $5,873,583.81. Following the completion of the acquisition, the insider directly owned 3,333,333 shares of the company's stock, valued at $141,099,985.89. The trade was a 4.34% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders acquired 1,122,119 shares of company stock worth $36,361,527 in the last ninety days. 22.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newegg Commerce

A number of large investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in Newegg Commerce by 69.1% in the fourth quarter. Renaissance Technologies LLC now owns 85,422 shares of the company's stock valued at $34,000 after buying an additional 34,900 shares during the last quarter. Jane Street Group LLC acquired a new position in Newegg Commerce in the fourth quarter valued at approximately $44,000. Squarepoint Ops LLC acquired a new position in Newegg Commerce in the fourth quarter valued at approximately $69,000. XTX Topco Ltd acquired a new position in Newegg Commerce in the first quarter valued at approximately $55,000. Finally, FNY Investment Advisers LLC acquired a new position in Newegg Commerce in the second quarter valued at approximately $64,000. Hedge funds and other 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.