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

Key Points

• Newegg Commerce's stock gapped down significantly, opening at $101.86 after closing at $107.12, representing a drop of 12.4% to a last trade price of $96.75.
• Insider Vladimir Galkin purchased 416,799 shares at an average price of $29.68, increasing their ownership stake by 15% and now holding shares valued at over $94 million.
• Several hedge funds have recently increased or established stakes in Newegg, with Renaissance Technologies boosting its share by 69.1% in the last quarter.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $107.12, but opened at $101.86. Newegg Commerce shares last traded at $96.75, with a volume of 306,688 shares trading hands.

Newegg Commerce Trading Down 13.0%

The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.76 and a current ratio of 1.16. The firm has a fifty day moving average price of $43.96 and a two-hundred day moving average price of $19.19.

Insiders Place Their Bets

In other Newegg Commerce news, major shareholder Vladimir Galkin purchased 416,799 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were acquired at an average price of $29.68 per share, for a total transaction of $12,370,594.32. Following the purchase, the insider directly owned 3,194,576 shares of the company's stock, valued at $94,815,015.68. The trade was a 15.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have purchased 1,133,230 shares of company stock valued at $37,525,071 in the last 90 days. 22.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. FNY Investment Advisers LLC bought a new stake in Newegg Commerce during the 2nd quarter worth approximately $64,000. Bank of America Corp DE increased its stake in shares of Newegg Commerce by 10,675.0% in 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. Renaissance Technologies LLC raised 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 purchasing an additional 34,900 shares during the period. Jane Street Group LLC purchased a new position in shares of Newegg Commerce during the 4th quarter valued at $44,000. Finally, Squarepoint Ops LLC bought a new position in Newegg Commerce in the 4th quarter worth $69,000. 0.45% of the stock is currently owned by institutional investors.

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.