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

Key Points

• Newegg Commerce, Inc. shares opened at $60.25 after closing at $53.53, highlighting a significant price gap up prior to trading.
• Major shareholder Vladimir Galkin purchased 138,757 shares at approximately $42.33 each, increasing his ownership to around 3.33 million shares.
• Institutional interest in Newegg Commerce is rising as several hedge funds acquired stakes in the company, reflecting growing investor confidence.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $53.53, but opened at $60.25. Newegg Commerce shares last traded at $62.04, with a volume of 465,701 shares trading hands.

Newegg Commerce Price Performance

The company has a current ratio of 1.16, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50. The stock's fifty day simple moving average is $22.47 and its 200-day simple moving average is $11.93.

Insider Transactions at Newegg Commerce

In other news, major shareholder Vladimir Galkin acquired 416,799 shares of the company's stock in a transaction dated Thursday, July 17th. The stock was bought at an average price of $29.68 per share, with a total value of $12,370,594.32. Following the completion of the acquisition, the insider owned 3,194,576 shares in the company, valued at approximately $94,815,015.68. This represents a 15.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have bought a total of 1,122,119 shares of company stock valued at $36,361,527 over the last three months. Corporate insiders own 22.90% of the company's stock.

Hedge Funds Weigh In On Newegg Commerce

A number of hedge funds and other institutional investors have recently bought and sold shares of NEGG. Renaissance Technologies LLC boosted its position in shares of Newegg Commerce by 69.1% during the fourth quarter. Renaissance Technologies LLC now owns 85,422 shares of the company's stock worth $34,000 after purchasing an additional 34,900 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Newegg Commerce during the fourth quarter worth $44,000. XTX Topco Ltd bought a new position in shares of Newegg Commerce during the first quarter worth $55,000. FNY Investment Advisers LLC bought a new position in shares of Newegg Commerce during the second quarter worth $64,000. Finally, Squarepoint Ops LLC bought a new position in shares of Newegg Commerce during the fourth quarter worth $69,000. 0.45% of the stock is 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.