Newegg Commerce (NASDAQ:NEGG) Shares Gap Down Following Insider Selling

Shares of Newegg Commerce, Inc. (NASDAQ:NEGG) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $20.57, but opened at $19.55. Newegg Commerce shares last traded at $19.0350, with a volume of 19,155 shares.

Specifically, Director Fred Faching Chang sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $19.66, for a total transaction of $393,200.00. Following the completion of the transaction, the director directly owned 3,246,646 shares in the company, valued at $63,829,060.36. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Fred Faching Chang sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $22.52, for a total value of $450,400.00. Following the completion of the sale, the director owned 3,286,646 shares of the company’s stock, valued at $74,015,267.92. This represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. In other news, Director Fred Faching Chang sold 20,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $23.66, for a total value of $473,200.00. Following the completion of the transaction, the director owned 3,326,646 shares in the company, valued at approximately $78,708,444.36. This represents a 0.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

Separately, Weiss Ratings raised Newegg Commerce from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Newegg Commerce News Roundup

Here are the key news stories impacting Newegg Commerce this week:

• Positive Sentiment: Newegg’s latest quarterly results came in better than expected on the bottom line, with EPS of $(0.02) versus the $(0.40) consensus estimate, which may be helping support the shares.
• Neutral Sentiment: The company’s revenue of $374.4 million missed analyst forecasts, so the earnings report was mixed rather than a clean beat.
• Negative Sentiment: Director Fred Faching Chang disclosed multiple stock sales over the past few weeks, including a recent sale of 703 shares and several larger sales totaling tens of thousands of shares, which can weigh on sentiment and raise concerns about insider confidence. Article Title

Newegg Commerce Price Performance

The company has a quick ratio of 0.76, a current ratio of 1.41 and a debt-to-equity ratio of 0.27. The business’s 50 day moving average price is $36.05 and its 200-day moving average price is $50.98.

Newegg Commerce (NASDAQ:NEGG) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.38. The business had revenue of $374.40 million for the quarter, compared to the consensus estimate of $439.20 million.

Institutional Trading of Newegg Commerce

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hussman Strategic Advisors Inc. acquired a new position in Newegg Commerce during the 3rd quarter worth about $1,762,000. Clear Street Group Inc. bought a new position in shares of Newegg Commerce in the third quarter worth about $856,000. Ritholtz Wealth Management lifted its position in shares of Newegg Commerce by 247.3% during the fourth quarter. Ritholtz Wealth Management now owns 20,160 shares of the company’s stock worth $1,023,000 after purchasing an additional 14,356 shares in the last quarter. NewEdge Advisors LLC bought a new stake in shares of Newegg Commerce during the third quarter valued at approximately $30,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Newegg Commerce in the fourth quarter valued at approximately $251,000. 0.45% of the stock is currently owned by institutional investors and hedge funds.

Newegg Commerce Company Profile

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.