why is negg stock up

by Mose Brakus Jr. Published 3 years ago Updated 2 years ago

Why did NEGG stock jump so high? The most recent upward fluctuation for NEGG stock can't be attributed to any news, as the company has been quiet since its May merger. It's possible investors are banking on the future launch of Newegg Capital, a joint venture between Newegg Commerce and Payability.

Speculative Momentum Is Driving NEGG Stock Higher

Shares of the $3 billion company have surged more than 30% since Friday's close. Some of this positive momentum has to do with Newegg rejoining a list of top short-squeeze opportunities.Apr 6, 2022

Full Answer

Is Newegg (negg) stock a buy for short interest?

Apr 06, 2022 · Speculative Momentum Is Driving NEGG Stock Higher Today, investors appear to be in bullish mode for Newegg once again. In fact, this week has been very positive for NEGG stock thus far. Shares of...

Is Newegg stock the new meme?

Mar 28, 2022 · NEGG may also be benefiting from a cryptocurrency boom underway in the market. A number of coins and tokens are seeing strong gains today, and crypto-related stocks rallied as well. The e-commerce...

What's happening with Newegg?

Why did Newegg Commerce shares rise 41% on Tuesday?

Jul 07, 2021 · Newegg just came public on May 20 via a reverse merger with a special purpose acquisition company ( SPAC ). Through Tuesday, shares are up a whopping 195% in the approximately one and a half months...

Why did Newegg stock increase?

If you attempted to pinpoint the exact reason why this happened to Newegg now, it seems to come down to its new availability of option-based trading. As call options are bought in volume, dealers must stay delta neutral. That necessitates going long the stock while simultaneously selling calls to retail trader.

Is Newegg stock a good buy?

The Newegg Commerce, Inc. stock holds several negative signals and despite the positive trend, we believe Newegg Commerce, Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.

What is the float of NEGG?

Share Statistics

Avg Vol (3 month) ³	1.94M
Float ⁸	8.57M
% Held by Insiders ¹	96.26%
% Held by Institutions ¹	0.69%
Shares Short (Apr 14, 2022) ⁴	1.75M

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What does NEGG company do?

Tech-focused e-commerce company Newegg Commerce, Inc. (NEGG) in City of Industry, Calif., sells electronics that operate business-to-consumer (B2C) platforms, business-to-business (B2B) operations, and other online platforms. The company offers PC components, consumer electronics, smart home, and gaming products.Apr 6, 2022

Is NEGG overvalued?

(NASDAQ:NEGG) has quickly overheated and is now significantly overvalued. Investors should avoid this stock.Jul 8, 2021

Is Newegg profitable?

In the filing, the retailer says that it has been profitable every year since 2001 and posted sales of $2.1 billion in 2008. Newegg's net income increased 55 percent in 2008, to $28.4 million. Sales increased 13 percent to $2.1 billion in 2008, and have just more than doubled since 2004, when sales were $982 million.Sep 28, 2009

Is NEGG shorted?

Stock - Short Squeeze, Short Sale Volume, Borrow Rates, Fails-To-Deliver.
...
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Short Interest	shares - source: NASDAQ
Off-Exchange Short Volume Ratio	46.01% - source: FINRA (inc. Dark Pool volume)

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How many shares of NEGG are there?

NEGG has 369.72 million shares outstanding.

Is Newegg a public company?

Following the consummation of the merger, Newegg listed as a publicly traded company on Nasdaq (NASDAQ: NEGG) in May 2021 as Newegg Commerce, Inc.

What company owns Newegg?

Hangzhou New Century Information Technology Co., Ltd.

Newegg / Parent organization

Who is the CEO of Newegg?

Fred Chang (Aug 2010–)

Newegg / CEO

Fred Chang is a Taiwanese-born American entrepreneur. He is the founder of Newegg, an online computer hardware and software store. He debuted on the Forbes' 2014 global list of billionaires and holds the position of #1741 in its 2015 ranking.

Wikipedia

Is rosewill owned by Newegg?

Rosewill, created in 2004, is a private-label brand wholly owned by Newegg. The company specializes in computer peripherals like power supplies, cases, memory, and cables.Jan 22, 2016

What happened

Shares of Newegg Commerce ( NASDAQ:NEGG), a consumer electronics-focused online retailer, soared 41.7% on Tuesday, powered by news that delighted gamers in search of hard-to-get NVIDIA ( NASDAQ:NVDA) GeForce RTX GPUs (graphics processing units).

So what

On Tuesday, four models of NVIDIA's hard-to-find GeForce RTX graphics cards were available on Newegg Shuffle, which is its product lottery for popular products, according to Tech Radar. The models were reportedly the RTX 3060, RTX 3070, RTX 3070 Ti, and RTX 3090.

Now what

It makes sense that investors viewed it as a positive that Newegg has a stock of popular NVIDIA graphics cards, while other big retailers are sold out. It's possible this could also suggest the company could be more successful than some peers in obtaining inventory of other select products that are in demand.

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Details of the Newegg merger

Calif.-based Newegg merged on May 19 with a Chinese company formerly called Lianluo Smart Limited. Lianluo previously held the ticker symbol LLIT, and Newegg was formerly a privately held company.

How has Newegg stock performed since going public?

Trading under the ticker symbol "NEGG" on the Nasdaq, the e-commerce company has seen its stock rise 79.61 percent since May 19. It jumped another 78.29 percent between Jun. 28 and 29 before correcting by about 14 percent.

Why did NEGG stock jump so high?

The most recent upward fluctuation for NEGG stock can't be attributed to any news, as the company has been quiet since its May merger. It's possible investors are banking on the future launch of Newegg Capital, a joint venture between Newegg Commerce and Payability.

What investors are saying about Newegg

Traders are enthusiastic about Newegg stock, with many recognizing the bullish opportunity. However, they may wait for a flush after the sudden and strong price increase. That flush isn't guaranteed, though, considering trading volume has settled and people are holding at a higher rate than they're selling (for the time being, at least).

NEGG stock's forecast now that the merger is behind us

Newegg stockholders can expect volatility as NEGG exits its lockup period in the coming months. However, the next 12 months could be good for the fresh Newegg entity, with some analysts predicting a median growth rate of 157.31 percent over the year.

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