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

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 prior to trading 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 changing hands.

Newegg Commerce Stock Up 29.2%

The company has a debt-to-equity ratio of 0.50, a current ratio of 1.16 and a quick ratio of 0.76. The firm has a fifty day moving average of $24.59 and a 200 day moving average of $12.60.

Insider Buying and Selling

In other news, major shareholder Vladimir Galkin purchased 416,799 shares of the firm's stock in a transaction on Thursday, July 17th. The shares were bought at an average cost of $29.68 per share, for a total transaction of $12,370,594.32. Following the completion of the purchase, the insider directly owned 3,194,576 shares of the company's stock, valued at approximately $94,815,015.68. This trade represents a 15.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 1,122,119 shares of company stock valued at $36,361,527 over the last 90 days. Corporate insiders own 22.90% of the company's stock.

Institutional Trading of Newegg Commerce

Several hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new stake in shares of Newegg Commerce in the 2nd quarter valued at $64,000. XTX Topco Ltd acquired a new position in shares of Newegg Commerce during the 1st quarter worth about $55,000. Squarepoint Ops LLC purchased a new position in shares of Newegg Commerce in the 4th quarter valued at about $69,000. Jane Street Group LLC acquired a new stake in shares of Newegg Commerce during the 4th quarter worth about $44,000. Finally, Renaissance Technologies LLC lifted its stake in 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 during the last quarter. Institutional investors and hedge funds 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.