Newegg Commerce (NASDAQ:NEGG) Stock Price Down 6.8% – Here’s Why

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG) dropped 6.8% during mid-day trading on Wednesday . The company traded as low as $57.22 and last traded at $54.86. Approximately 6,520 shares were traded during trading, a decline of 99% from the average daily volume of 731,113 shares. The stock had previously closed at $58.86.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Newegg Commerce in a research report on Wednesday, October 8th. 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 Stock Down 6.8%

The stock has a 50 day moving average of $67.66 and a 200-day moving average of $50.31. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.25 and a quick ratio of 0.52.

Institutional Trading of Newegg Commerce

Several institutional investors and hedge funds have recently bought and sold shares of NEGG. Marshall Wace LLP acquired a new stake in shares of Newegg Commerce in the second quarter worth $4,281,000. UBS Group AG lifted its position in Newegg Commerce by 242.0% during the third quarter. UBS Group AG now owns 75,482 shares of the company’s stock valued at $3,166,000 after purchasing an additional 53,411 shares during the period. Hussman Strategic Advisors Inc. purchased a new stake in Newegg Commerce in the third quarter valued at $1,762,000. BNP Paribas Financial Markets acquired a new stake in Newegg Commerce during the 3rd quarter worth about $1,603,000. Finally, XTX Topco Ltd purchased a new position in shares of Newegg Commerce during the 3rd quarter valued at about $1,343,000. 0.45% of the stock is currently owned by institutional investors and hedge funds.

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.