Newegg Commerce (NASDAQ:NEGG) Stock Price Up 7% – Here’s Why

Newegg Commerce, Inc. (NASDAQ:NEGG)’s share price rose 7% during mid-day trading on Wednesday . The stock traded as high as $22.00 and last traded at $21.38. Approximately 91,024 shares were traded during trading, an increase of 12% from the average daily volume of 81,527 shares. The stock had previously closed at $19.99.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Newegg Commerce from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Newegg Commerce has a consensus rating of “Sell”.

Newegg Commerce Price Performance

The company has a quick ratio of 0.63, a current ratio of 1.71 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average price of $32.70 and a 200-day moving average price of $47.18.

Newegg Commerce (NASDAQ:NEGG) last posted its quarterly earnings results on Thursday, May 28th. The company reported $999.00 earnings per share for the quarter.

Insiders Place Their Bets

In related news, Director Fred Faching Chang sold 20,000 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $34.53, for a total transaction of $690,600.00. Following the completion of the transaction, the director owned 3,414,433 shares in the company, valued at approximately $117,900,371.49. This represents a 0.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 187,921 shares of company stock worth $4,797,096 in the last three months. 22.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newegg Commerce

Several institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC bought a new position in Newegg Commerce during the third quarter valued at $30,000. Royal Bank of Canada grew its holdings in Newegg Commerce by 5,472.2% during the fourth quarter. Royal Bank of Canada now owns 1,003 shares of the company’s stock valued at $51,000 after purchasing an additional 985 shares during the period. Squarepoint Ops LLC bought a new position in Newegg Commerce during the fourth quarter valued at $251,000. Qube Research & Technologies Ltd bought a new position in Newegg Commerce during the third quarter valued at $207,000. Finally, Quantum Private Wealth LLC bought a new position in Newegg Commerce during the third quarter worth about $210,000. 0.45% of the stock is owned by institutional investors.

About Newegg Commerce

Newegg Commerce, Inc (NASDAQ: NEGG) is a leading online retailer and marketplace specializing in technology products, consumer electronics and computer hardware. Founded in 2001 and headquartered in City of Industry, California, the company operates the flagship Newegg.com platform, which offers an extensive selection of desktops, laptops, components, peripherals, software and related accessories. Newegg’s business model combines direct retail sales with a third-party marketplace, enabling both established brands and independent sellers to reach a technology-focused audience.

In addition to its core e-commerce offerings, Newegg provides a range of value-added services, including logistics support, warehousing and fulfillment solutions designed to streamline order processing for marketplace partners.