Newegg Commerce (NASDAQ:NEGG) Trading Down 5.6% – Here’s Why

by · The Cerbat Gem

Newegg Commerce, Inc. (NASDAQ:NEGG – Get Free Report)’s share price dropped 5.6% on Thursday . The company traded as low as $61.75 and last traded at $63.20. Approximately 82,644 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 741,758 shares. The stock had previously closed at $66.93.

Analysts Set New Price Targets

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, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Get Our Latest Research Report on NEGG

Newegg Commerce Trading Down 4.3%

The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.41. The firm has a 50 day simple moving average of $66.70 and a two-hundred day simple moving average of $48.46.

Institutional Investors Weigh In On Newegg Commerce

A number of hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC purchased a new position in shares of Newegg Commerce during the third quarter valued at approximately $30,000. XTX Topco Ltd purchased a new stake in shares of Newegg Commerce in the first quarter valued at $55,000. FNY Investment Advisers LLC acquired a new position in Newegg Commerce in the second quarter valued at $64,000. Bank of America Corp DE lifted 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 buying an additional 10,675 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new stake in Newegg Commerce in the 3rd quarter worth about $207,000. Institutional investors and hedge funds own 0.45% of the company’s stock.

About Newegg Commerce

(Get Free Report)

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.

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