Newegg Commerce (NASDAQ:NEGG) Trading Down 14.8% – Here’s What Happened

Newegg Commerce, Inc. (NASDAQ:NEGG) shares dropped 14.8% on Tuesday . The stock traded as low as $76.00 and last traded at $71.9490. Approximately 141,725 shares were traded during trading, a decline of 82% from the average daily volume of 799,445 shares. The stock had previously closed at $84.45.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Newegg Commerce in a research report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Newegg Commerce has an average rating of “Sell”.

Newegg Commerce Stock Performance

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.25 and a quick ratio of 0.52. The stock’s 50-day moving average price is $51.00 and its 200 day moving average price is $36.47.

Insiders Place Their Bets

In other news, major shareholder Vladimir Galkin bought 11,111 shares of the business’s stock in a transaction on Friday, August 15th. The stock was purchased at an average price of $104.72 per share, with a total value of $1,163,543.92. Following the transaction, the insider directly owned 3,511,111 shares in the company, valued at approximately $367,683,543.92. The trade was a 0.32% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 22.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newegg Commerce

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in Newegg Commerce during the 1st quarter valued at approximately $55,000. FNY Investment Advisers LLC bought a new stake in Newegg Commerce during the 2nd quarter valued at approximately $64,000. Bank of America Corp DE boosted its stake in Newegg Commerce by 10,675.0% during the 2nd quarter. Bank of America Corp DE now owns 10,775 shares of the company’s stock valued at $175,000 after purchasing an additional 10,675 shares during the period. Ritholtz Wealth Management bought a new stake in Newegg Commerce during the 3rd quarter valued at approximately $243,000. Finally, Hussman Strategic Advisors Inc. bought a new stake in Newegg Commerce during the 3rd quarter valued at approximately $1,762,000. Institutional investors and hedge funds own 0.45% of the company’s stock.

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.