Newegg Commerce (NASDAQ:NEGG) Shares Down 22.9% - What's Next?

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.

Newegg Commerce, Inc. (NASDAQ:NEGG - )'s share price dropped 22.9% on Monday . The stock traded as low as $42.06 and last traded at $42.42. Approximately 2,051,260 shares traded hands during mid-day trading, an increase of 184% from the average daily volume of 721,340 shares. The stock had previously closed at $55.00.

Newegg Commerce Trading Down 20.0%

The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.41. The company's fifty day simple moving average is $55.83 and its two-hundred day simple moving average is $24.53.

Insider Activity

In other Newegg Commerce news, major shareholder Vladimir Galkin bought 416,799 shares of the firm's stock in a transaction on Thursday, July 17th. The shares were purchased at an average price 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 approximately $94,815,015.68. This trade represents a 15.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have purchased 1,133,230 shares of company stock worth $37,525,071. Corporate insiders own 22.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE grew its position in shares of Newegg Commerce by 10,675.0% during the 2nd quarter. Bank of America Corp DE now owns 10,775 shares of the company's stock worth $175,000 after purchasing an additional 10,675 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Newegg Commerce during the 2nd quarter worth approximately $4,281,000. FNY Investment Advisers LLC acquired a new position in shares of Newegg Commerce during the 2nd quarter worth approximately $64,000. XTX Topco Ltd acquired a new position in shares of Newegg Commerce during the 1st quarter worth approximately $55,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Newegg Commerce during the 4th quarter worth approximately $69,000. 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.

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