Newegg Commerce (NASDAQ:NEGG) Shares Up 12.3% – Still a Buy?

Newegg Commerce, Inc. (NASDAQ:NEGG) shares shot up 12.3% on Wednesday . The company traded as high as $87.72 and last traded at $87.3260. 405,671 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 800,278 shares. The stock had previously closed at $77.77.

Analysts Set New Price Targets

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

Newegg Commerce Stock Up 12.4%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.52 and a current ratio of 1.25. The firm has a 50 day simple moving average of $49.76 and a 200-day simple moving average of $35.77.

Insiders Place Their Bets

In related news, major shareholder Vladimir Galkin bought 11,111 shares of the stock in a transaction on Friday, August 15th. The stock was bought at an average price of $104.72 per share, with a total value of $1,163,543.92. Following the completion of the purchase, the insider directly owned 3,511,111 shares in the company, valued at $367,683,543.92. This represents a 0.32% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 22.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newegg Commerce

A number of hedge funds have recently made changes to their positions in the stock. Hussman Strategic Advisors Inc. acquired a new stake in Newegg Commerce in the 3rd quarter valued at approximately $1,762,000. Ritholtz Wealth Management purchased a new stake in shares of Newegg Commerce in the 3rd quarter valued at $243,000. Bank of America Corp DE lifted 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 worth $175,000 after acquiring an additional 10,675 shares in the last quarter. Marshall Wace LLP purchased a new position in Newegg Commerce during the 2nd quarter valued at about $4,281,000. Finally, FNY Investment Advisers LLC acquired a new position in Newegg Commerce in the 2nd quarter valued at about $64,000. Hedge funds and other institutional investors 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.