Newegg Commerce (NASDAQ:NEGG) Stock Price Down 6% - What's Next?

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 fell 6% during trading on Wednesday . The company traded as low as $38.00 and last traded at $36.31. 109,324 shares changed hands 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 Price Performance

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 has a fifty day moving average of $51.62 and a two-hundred day moving average of $22.07.

Insider Buying and Selling 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 shares were acquired at an average cost of $104.72 per share, with a total value of $1,163,543.92. Following the transaction, the insider owned 3,511,111 shares in the company, valued at approximately $367,683,543.92. The trade was a 0.32% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders purchased 1,133,230 shares of company stock valued at $37,525,071. 22.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newegg Commerce

Hedge funds have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC acquired a new stake in shares of Newegg Commerce during the second quarter worth $64,000. 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 valued at $175,000 after buying an additional 10,675 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Newegg Commerce by 69.1% during the 4th 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 last quarter. Jane Street Group LLC acquired a new stake in Newegg Commerce during the fourth quarter worth about $44,000. Finally, Squarepoint Ops LLC bought a new position in Newegg Commerce in the fourth quarter worth about $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.