Newegg Commerce (NASDAQ:NEGG) Stock Price Up 8.3% - Here's What Happened

Key Points

• Newegg Commerce's stock price rose by 8.3% on Monday, reaching a high of $51.30, although trading volume diminished significantly, falling 84% below its average daily volume.
• Wall Street analysts have issued a consensus rating of "Sell" for Newegg Commerce, with Weiss Ratings reaffirming a "sell (e+)" rating.
• Major shareholder Vladimir Galkin increased their stake in the company, purchasing 138,757 shares at $42.33 per share, enhancing their ownership to approximately 22.90% of the stock.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report)'s share price rose 8.3% during trading on Monday . The company traded as high as $51.30 and last traded at $51.12. Approximately 123,638 shares changed hands during trading, a decline of 84% from the average daily volume of 757,697 shares. The stock had previously closed at $47.22.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Newegg Commerce in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of "Sell".

Newegg Commerce Trading Up 11.8%

The stock has a 50-day simple moving average of $56.80 and a 200 day simple moving average of $30.02. 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 related news, major shareholder Vladimir Galkin purchased 138,757 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $42.33 per share, for a total transaction of $5,873,583.81. Following the completion of the transaction, the insider directly owned 3,333,333 shares in the company, valued at approximately $141,099,985.89. The trade was a 4.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 22.90% of the stock is currently owned by company insiders.

Institutional Trading of Newegg Commerce

Several hedge funds have recently made changes to their positions in the business. XTX Topco Ltd acquired a new position in shares of Newegg Commerce in the first quarter valued at approximately $55,000. FNY Investment Advisers LLC purchased a new position in Newegg Commerce in the second quarter valued at $64,000. Bank of America Corp DE raised its position in Newegg Commerce by 10,675.0% in the 2nd quarter. Bank of America Corp DE now owns 10,775 shares of the company's stock valued at $175,000 after purchasing an additional 10,675 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Newegg Commerce in the 2nd quarter valued at about $4,281,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.