Newegg Commerce (NASDAQ:NEGG) Shares Gap Down - Time to Sell?

Key Points

• Newegg Commerce stock (NASDAQ:NEGG) gapped down from a previous close of $41.95 to open at $40.10 before last trading at $41.16.
• Major shareholder Vladimir Galkin increased his stake by acquiring 11,111 shares in mid-August at an average price of $104.72 per share.
• Several hedge funds have recently invested in Newegg, with Bank of America Corp DE significantly increasing its holdings by 10,675.0% during the second quarter.

Newegg Commerce, Inc. (NASDAQ:NEGG - ) gapped down prior to trading on Wednesday . The stock had previously closed at $41.95, but opened at $40.10. Newegg Commerce shares last traded at $41.16, with a volume of 70,205 shares trading hands.

Newegg Commerce Stock Up 1.5%

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 50 day moving average is $57.67 and its 200 day moving average is $26.25.

Insider Activity at Newegg Commerce

In related news, major shareholder Vladimir Galkin acquired 11,111 shares of Newegg Commerce stock in a transaction that occurred on Friday, August 15th. The stock was purchased at an average price of $104.72 per share, for a total transaction of $1,163,543.92. Following the completion of the purchase, the insider directly owned 3,511,111 shares of the company's stock, valued at approximately $367,683,543.92. This trade represents a 0.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 1,133,230 shares of company stock valued at $37,525,071 in the last ninety days. 22.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newegg Commerce

Several hedge funds have recently added to or reduced their stakes in NEGG. Marshall Wace LLP purchased a new stake in shares of Newegg Commerce during the second quarter worth about $4,281,000. XTX Topco Ltd purchased a new stake in shares of Newegg Commerce during the first quarter worth about $55,000. Squarepoint Ops LLC purchased a new stake in shares of Newegg Commerce during the fourth quarter worth about $69,000. Jane Street Group LLC purchased a new stake in shares of Newegg Commerce during the fourth quarter worth about $44,000. Finally, Bank of America Corp DE grew its holdings 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 buying an additional 10,675 shares in the last quarter. 0.45% of the stock is currently owned by hedge funds and other institutional investors.

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.

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