Newegg Commerce (NASDAQ:NEGG) Trading Down 9% - What's Next?

Key Points

• Newegg Commerce's stock fell by 9% in trading, closing at $58.02 after reaching a low of $55.00, indicating a significant decline from its previous close of $63.79.
• Major shareholder Vladimir Galkin purchased 138,757 shares at $42.33 each, increasing his stake to 3,333,333 shares, demonstrating insider confidence in the company.
• Institutional investors have recently adjusted their holdings, with FNY Investment Advisers acquiring a new position and Renaissance Technologies increasing its stake by 69.1%.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - ) dropped 9% during trading on Friday . The stock traded as low as $55.00 and last traded at $58.02. Approximately 384,732 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 421,373 shares. The stock had previously closed at $63.79.

Newegg Commerce Price Performance

The business's 50-day simple moving average is $19.50 and its two-hundred day simple moving average is $10.95. The company has a current ratio of 1.16, a quick ratio of 0.76 and a debt-to-equity ratio of 0.50.

Insiders Place Their Bets

In other news, major shareholder Vladimir Galkin bought 138,757 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $42.33 per share, with a total value of $5,873,583.81. Following the transaction, the insider owned 3,333,333 shares of the company's stock, valued at $141,099,985.89. This trade represents a 4.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have purchased 1,122,119 shares of company stock worth $36,361,527. Corporate insiders own 22.90% of the company's stock.

Institutional Trading of Newegg Commerce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new position in Newegg Commerce during the 2nd quarter worth approximately $64,000. Renaissance Technologies LLC grew its position 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 purchasing an additional 34,900 shares during the period. Jane Street Group LLC acquired a new stake in Newegg Commerce in the 4th quarter valued at $44,000. Squarepoint Ops LLC acquired a new stake in Newegg Commerce in the 4th quarter valued at $69,000. Finally, XTX Topco Ltd acquired a new stake in Newegg Commerce in the 1st quarter valued at $55,000. 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.

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