Newegg Commerce (NASDAQ:NEGG) Trading 7.3% Higher - Here's What Happened

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.

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

Newegg Commerce Stock Up 17.3%

The company's fifty day moving average is $55.71 and its 200 day moving average is $24.08. 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 416,799 shares of the company's stock in a transaction on Thursday, July 17th. The shares were purchased at an average cost of $29.68 per share, with a total value of $12,370,594.32. Following the completion of the transaction, the insider owned 3,194,576 shares of the company's stock, valued at $94,815,015.68. The trade was a 15.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 1,133,230 shares of company stock worth $37,525,071 in the last ninety days. Corporate insiders own 22.90% of the company's stock.

Institutional Trading of Newegg Commerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Newegg Commerce by 10,675.0% during the second quarter. Bank of America Corp DE now owns 10,775 shares of the company's stock worth $175,000 after acquiring an additional 10,675 shares in the last quarter. Marshall Wace LLP bought a new stake in Newegg Commerce during the second quarter worth $4,281,000. FNY Investment Advisers LLC bought a new stake in Newegg Commerce during the second quarter worth $64,000. XTX Topco Ltd bought a new stake in Newegg Commerce during the first quarter worth $55,000. Finally, Squarepoint Ops LLC bought a new stake in Newegg Commerce during the fourth quarter worth $69,000. 0.45% of the stock is 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.