Newegg Commerce (NASDAQ:NEGG) Trading Up 7.3% - Here's Why

Key Points

• Newegg Commerce's share price increased by 7.3%, reaching a high of $46.50 during trading, but the volume was down 21% from the average.
• Insider transactions showed major shareholder Vladimir Galkin purchasing 416,799 shares, increasing their ownership by 15%, with total insider purchases exceeding 1.13 million shares in the last three months.
• Institutional investors have shown interest, with Bank of America lifting its holdings by an extraordinary 10,675% in the second quarter, significantly raising the institutional stake in Newegg Commerce.

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report) shot up 7.3% during mid-day trading on Wednesday . The stock traded as high as $46.50 and last traded at $45.65. 540,013 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 684,595 shares. The stock had previously closed at $42.55.

Newegg Commerce Stock Performance

The company's fifty day moving average is $55.83 and its 200-day moving average is $24.41. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.25 and a quick ratio of 0.52.

Insider Buying and Selling at Newegg Commerce

In other news, major shareholder Vladimir Galkin acquired 416,799 shares of the firm's stock in a transaction dated Thursday, July 17th. The shares were purchased at an average cost of $29.68 per share, for a total transaction of $12,370,594.32. Following the transaction, 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 document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have acquired 1,133,230 shares of company stock worth $37,525,071. Company insiders own 22.90% of the company's stock.

Institutional Trading of Newegg Commerce

Several institutional investors and hedge funds have recently modified their holdings of the company. FNY Investment Advisers LLC bought a new stake in shares of Newegg Commerce during the 2nd quarter valued at $64,000. Bank of America Corp DE increased its holdings 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 acquiring an additional 10,675 shares during the last quarter. Jane Street Group LLC bought a new stake in Newegg Commerce in the 4th quarter valued at $44,000. Squarepoint Ops LLC bought a new stake in Newegg Commerce in the 4th quarter valued at $69,000. Finally, XTX Topco Ltd bought a new stake in Newegg Commerce in the 1st quarter valued at $55,000. 0.45% of the stock is currently owned by 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.