Newegg Commerce (NASDAQ:NEGG) Trading Down 22.9% - Here's Why

Key Points

• Newegg Commerce's share price plummeted by 22.9%, closing at $42.42 after trading as low as $42.06, with trading volume increasing significantly to over 2 million shares.
• Insider Vladimir Galkin purchased 416,799 shares at an average price of $29.68, increasing his stake in the company by 15% and indicating confidence from company insiders.
• Institutional investors were active, with Bank of America raising its position by an extraordinary 10,675%, now holding shares worth approximately $175,000.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) fell 22.9% on Monday . The company traded as low as $42.06 and last traded at $42.42. 2,051,260 shares traded hands during trading, an increase of 184% from the average session volume of 721,340 shares. The stock had previously closed at $55.00.

Newegg Commerce Stock Performance

The business has a 50-day moving average of $55.98 and a two-hundred day moving average of $24.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.52 and a current ratio of 1.25.

Insider Activity at Newegg Commerce

In other news, major shareholder Vladimir Galkin purchased 11,111 shares of the company's stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average cost of $104.72 per share, for a total transaction of $1,163,543.92. Following the completion of the transaction, the insider owned 3,511,111 shares of the company's stock, valued at $367,683,543.92. This trade represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders purchased 1,133,230 shares of company stock valued at $37,525,071 in the last three months. 22.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Newegg Commerce

Several hedge funds have recently bought and sold shares of the company. FNY Investment Advisers LLC acquired a new stake in Newegg Commerce in the 2nd quarter valued at about $64,000. Bank of America Corp DE lifted its holdings in shares of 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 during the period. Jane Street Group LLC acquired a new position in Newegg Commerce during the fourth quarter worth $44,000. Squarepoint Ops LLC purchased a new stake in Newegg Commerce during the fourth quarter valued at about $69,000. Finally, XTX Topco Ltd purchased a new stake in Newegg Commerce during the first quarter valued at about $55,000. Institutional investors and hedge funds 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.