Newegg Commerce (NASDAQ:NEGG) Reaches New 1-Year High - Here's Why

Key Points

• Newegg Commerce shares reached a new 52-week high of $78.50, closing at $77.93 with a trading volume of 471,338 shares.
• Major shareholder Vladimir Galkin bought 416,799 shares at an average price of $29.68, significantly increasing his ownership stake by 15%.
• Institutional investors and hedge funds have shown interest in Newegg, with several firms purchasing new stakes or increasing their positions in the company during recent quarters.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as $78.50 and last traded at $77.93, with a volume of 471338 shares. The stock had previously closed at $59.44.

Newegg Commerce Trading Up 34.2%

The stock has a 50 day moving average of $26.09 and a 200 day moving average of $13.09. The company has a quick ratio of 0.76, a current ratio of 1.16 and a debt-to-equity ratio of 0.50.

Insider Transactions at Newegg Commerce

In other Newegg Commerce news, major shareholder Vladimir Galkin purchased 416,799 shares of the company's stock in a transaction on Thursday, July 17th. The shares were purchased at an average cost of $29.68 per share, with a total value of $12,370,594.32. Following the completion of the purchase, the insider owned 3,194,576 shares in the company, valued at $94,815,015.68. This represents a 15.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 1,122,119 shares of company stock valued at $36,361,527 over the last quarter. 22.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newegg Commerce

Several institutional investors have recently added to or reduced their stakes in NEGG. Renaissance Technologies LLC lifted its stake 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 period. Jane Street Group LLC acquired a new position in shares of Newegg Commerce during the fourth quarter worth approximately $44,000. XTX Topco Ltd acquired a new position in shares of Newegg Commerce during the first quarter worth approximately $55,000. FNY Investment Advisers LLC acquired a new position in shares of Newegg Commerce during the second quarter worth approximately $64,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Newegg Commerce during the fourth quarter worth approximately $69,000. 0.45% of the stock is owned by institutional investors and hedge funds.

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.