Newegg Commerce (NASDAQ:NEGG) Sets New 12-Month Low After Insider Selling

Key Points

• Newegg Commerce shares fell 6.6% to an intraday 52-week low of $12.00, closing near $12.33 versus the prior close of $13.20.
• Director Fred Chang sold 3,582 shares in each of two transactions, totaling roughly $96,000; the sales reduced his ownership by 0.12% per transaction.
• Analyst sentiment remains negative, with Weiss Ratings maintaining a sell-equivalent assessment and MarketBeat reporting a consensus “Sell” rating. The latest quarter beat earnings expectations at $0.11 per share but revenue of $320.41 million missed the $439.20 million consensus estimate.

Newegg Commerce, Inc. (NASDAQ:NEGG - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $12.00 and last traded at $12.33, with a volume of 79511 shares changing hands. The stock had previously closed at $13.20.

Specifically, Director Fred Chang sold 3,582 shares of the stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $13.13, for a total transaction of $47,031.66. Following the sale, the director owned 2,922,475 shares of the company's stock, valued at $38,372,096.75. This represents a 0.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Fred Chang sold 3,582 shares of the company's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $13.66, for a total value of $48,930.12. Following the sale, the director owned 2,926,057 shares of the company's stock, valued at approximately $39,969,938.62. The trade was a 0.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Newegg Commerce from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of "Sell".

Newegg Commerce Stock Down 6.6%

The company's 50 day moving average price is $15.71 and its 200-day moving average price is $22.59. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.64 and a current ratio of 1.55.

Newegg Commerce (NASDAQ:NEGG - Get Free Report) last issued its quarterly earnings data on Thursday, August 27th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.51. The business had revenue of $320.41 million during the quarter, compared to the consensus estimate of $439.20 million.

About Newegg Commerce

Newegg Commerce, Inc operates an e-commerce platform focused on technology products and consumer electronics. Its merchandise includes computer components, laptops, desktop computers, peripherals, networking equipment, software, gaming products, home electronics, appliances and related accessories.

The company serves individual consumers, businesses and technology enthusiasts through its Newegg retail platform and marketplace. In addition to selling products directly, Newegg enables third-party merchants and brands to offer merchandise through its platform and provides services such as fulfillment, advertising and business-to-business purchasing support.

Newegg was founded in 2001 and is headquartered in the City of Industry, California.

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