Newegg Commerce (NASDAQ:NEGG) Shares Gap Up on Insider Buying Activity

Key Points

• Newegg Commerce's stock price gapped up significantly at market opening, moving from a previous close of $101.02 to an opening at $109.99.
• Major shareholder Vladimir Galkin purchased 416,799 shares at an average price of $29.68, increasing his ownership stake by 15% and bringing his total shares to 3,194,576.
• Institutional investment in Newegg is on the rise, with Bank of America increasing its holdings by over 10,600% during the second quarter.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) shares gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $101.02, but opened at $109.99. Newegg Commerce shares last traded at $101.55, with a volume of 173,658 shares trading hands.

Specifically, major shareholder Vladimir Galkin purchased 11,111 shares of Newegg Commerce stock in a transaction on Friday, August 15th. The shares were bought at an average cost of $104.72 per share, for a total transaction of $1,163,543.92. Following the acquisition, the insider owned 3,511,111 shares in the company, valued at approximately $367,683,543.92. The trade was a 0.32% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Newegg Commerce Stock Performance

The company has a quick ratio of 0.76, a current ratio of 1.16 and a debt-to-equity ratio of 0.50. The business's fifty day simple moving average is $43.96 and its 200-day simple moving average is $19.19.

Institutional Trading of Newegg Commerce

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its holdings in Newegg Commerce by 69.1% in the 4th quarter. Renaissance Technologies LLC now owns 85,422 shares of the company's stock valued at $34,000 after acquiring an additional 34,900 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Newegg Commerce in the 4th quarter worth about $44,000. XTX Topco Ltd bought a new stake in shares of Newegg Commerce in the 1st quarter worth about $55,000. FNY Investment Advisers LLC bought a new stake in shares of Newegg Commerce in the 2nd quarter worth about $64,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Newegg Commerce in the 4th quarter worth about $69,000. 0.45% of the stock is currently owned by 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.