Newegg Commerce (NASDAQ:NEGG) Shares Gap Up - Here's Why

Key Points

• Newegg Commerce's shares gapped up from a closing price of $44.16 to an opening price of $46.82 before settling at $43.04 with significant trading volume of 323,590 shares.
• Major shareholder Vladimir Galkin purchased 11,111 shares at an average price of $104.72, increasing his holdings in the company to 3,511,111 shares valued at approximately $367.68 million.
• A notable increase in institutional investment was observed, with Bank of America Corp DE boosting its stake by over 10,675% in the second quarter, resulting in a total ownership of 10,775 shares valued at $175,000.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - ) gapped up prior to trading on Friday . The stock had previously closed at $44.16, but opened at $46.82. Newegg Commerce shares last traded at $43.04, with a volume of 323,590 shares.

Newegg Commerce Stock Up 0.2%

The stock's 50 day moving average is $56.90 and its 200-day moving average is $25.42. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.41.

Insiders Place Their Bets

In other Newegg Commerce news, major shareholder Vladimir Galkin acquired 11,111 shares of the business's stock in a transaction on Friday, August 15th. The shares were acquired at an average price of $104.72 per share, for a total transaction of $1,163,543.92. Following the completion of the acquisition, the insider owned 3,511,111 shares in the company, valued at $367,683,543.92. This trade represents a 0.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 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 corporate insiders.

Institutional Investors Weigh In On Newegg Commerce

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FNY Investment Advisers LLC purchased a new stake in shares of Newegg Commerce during the second quarter valued at approximately $64,000. 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 valued at $175,000 after buying an additional 10,675 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Newegg Commerce during the fourth quarter valued at approximately $44,000. Squarepoint Ops LLC purchased a new stake in shares of Newegg Commerce during the fourth quarter valued at approximately $69,000. Finally, XTX Topco Ltd purchased a new stake in shares of Newegg Commerce during the first quarter valued at approximately $55,000. Hedge funds and other institutional investors own 0.45% of the company's stock.

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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