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

Newegg Commerce logo with Retail/Wholesale background

Key Points

  • Newegg Commerce (NASDAQ:NEGG) achieved a new 52-week high, trading as high as $56.00, up significantly from a previous close of $39.08, marking a trading increase of 43.8%.
  • Major shareholder Vladimir Galkin increased his stake by purchasing 416,799 shares for over $12 million, raising his total ownership to approximately $94.8 million.
  • A notable increase in interest from institutional investors has been observed, with hedge fund Renaissance Technologies boosting its position in Newegg by 69.1%.
  • Five stocks to consider instead of Newegg Commerce.
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Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $56.00 and last traded at $54.90, with a volume of 2022567 shares. The stock had previously closed at $39.08.

Newegg Commerce Trading Up 43.8%

The firm has a 50-day simple moving average of $16.55 and a two-hundred day simple moving average of $10.01. The company has a current ratio of 1.16, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50.

Insider Activity at Newegg Commerce

In related news, major shareholder Vladimir Galkin purchased 416,799 shares of Newegg Commerce stock in a transaction that occurred on Thursday, July 17th. The shares were acquired at an average cost of $29.68 per share, for a total transaction of $12,370,594.32. Following the transaction, the insider directly owned 3,194,576 shares in the company, valued at $94,815,015.68. The trade was 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. In the last 90 days, insiders bought 983,362 shares of company stock worth $30,487,943. 22.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newegg Commerce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in Newegg Commerce by 69.1% during the 4th quarter. Renaissance Technologies LLC now owns 85,422 shares of the company's stock worth $34,000 after acquiring an additional 34,900 shares during the period. Jane Street Group LLC acquired a new position in shares of Newegg Commerce during the 4th quarter worth approximately $44,000. Squarepoint Ops LLC acquired a new position in Newegg Commerce in the fourth quarter valued at approximately $69,000. Finally, XTX Topco Ltd acquired a new position in Newegg Commerce in the first quarter valued at approximately $55,000. 0.45% of the stock is owned by institutional investors.

About Newegg Commerce

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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