Newegg Commerce (NASDAQ:NEGG) Stock Price Down 6% - Time to Sell?

Key Points

• Newegg Commerce's stock price declined by 6% on Wednesday, trading as low as $38.00 and closing at $36.31, significantly below its previous closing price.
• Major shareholder Vladimir Galkin increased his stake in the company by acquiring 416,799 shares for over $12 million, representing a 15% increase in ownership.
• Institutional investors are showing renewed interest, with several firms including Bank of America increasing their positions; however, institutional ownership remains low at only 0.45% of the company's stock.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report)'s stock price traded down 6% during trading on Wednesday . The company traded as low as $38.00 and last traded at $36.31. 109,324 shares were traded during mid-day trading, a decline of 80% from the average session volume of 554,851 shares. The stock had previously closed at $38.63.

Newegg Commerce Stock Down 11.4%

The business's 50 day moving average is $51.62 and its 200 day moving average is $22.16. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.41.

Insider Activity

In other Newegg Commerce news, major shareholder Vladimir Galkin purchased 416,799 shares of Newegg Commerce stock in a transaction dated Thursday, July 17th. The shares were acquired at an average cost of $29.68 per share, with a total value of $12,370,594.32. Following the completion of the transaction, the insider 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 filing with the SEC, which can be accessed through the SEC website. Insiders acquired 1,133,230 shares of company stock worth $37,525,071 over the last 90 days. Corporate insiders own 22.90% of the company's stock.

Hedge Funds Weigh In On Newegg Commerce

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE increased its position in shares of Newegg Commerce by 10,675.0% during the second 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 in the 2nd quarter valued at $4,281,000. FNY Investment Advisers LLC acquired a new position in shares of Newegg Commerce in the 2nd quarter valued at $64,000. XTX Topco Ltd acquired a new position in shares of Newegg Commerce in the 1st quarter valued at $55,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Newegg Commerce in the 4th quarter valued at $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.