Newegg Commerce (NASDAQ:NEGG) Trading Down 7.1% - Here's What Happened

Key Points

• Newegg Commerce shares fell by 7.1%, trading as low as $45.92, with a notable increase in volume to 868,059 shares during mid-day trading.
• Weiss Ratings issued a "sell (e+)" rating for Newegg, contributing to a current consensus rating of "Sell" from analysts.
• Insider transactions included major shareholder Vladimir Galkin purchasing 11,111 shares for approximately $1.16 million, while insiders have collectively bought 677,778 shares valued at $22.68 million in the past three months.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) were down 7.1% during mid-day trading on Wednesday . The company traded as low as $46.13 and last traded at $45.92. Approximately 868,059 shares were traded during mid-day trading, an increase of 15% from the average daily volume of 753,380 shares. The stock had previously closed at $49.42.

Wall Street Analyst Weigh In

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

Newegg Commerce Price Performance

The firm's 50 day moving average price is $57.95 and its two-hundred day moving average price is $29.16. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.41.

Insider Buying and Selling

In other news, major shareholder Vladimir Galkin purchased 11,111 shares of the stock in a transaction that occurred 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 acquisition, the insider directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 677,778 shares of company stock valued at $22,675,497 in the last three months. 22.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEGG. Marshall Wace LLP acquired a new position in Newegg Commerce in the 2nd quarter valued at $4,281,000. XTX Topco Ltd purchased a new stake in Newegg Commerce during the 1st quarter worth $55,000. Bank of America Corp DE boosted its position in Newegg Commerce by 10,675.0% during the 2nd quarter. Bank of America Corp DE now owns 10,775 shares of the company's stock worth $175,000 after purchasing an additional 10,675 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Newegg Commerce in the 2nd quarter worth $64,000. 0.45% of the stock is owned by hedge funds and other 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.

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.