Geode Capital Management LLC recently announced the acquisition of new stake in Newegg Commerce Inc (NASDAQ:NEGG). The institutional investor has increased its shareholding in the Consumer Cyclical company by 28.46% to 0.42 million shares with purchase of 92895.0 shares. This fresh investment now brings its stake to 0.11% valued currently at $0.23 million. In addition, Susquehanna Financial Group LLLP raised its holdings by 0.16 million to 0.21 million shares. And Aperio Group LLC has lifted its position by 10.48% or 17739.0 shares – to 0.19 million shares.
With over 11.83 million Newegg Commerce Inc (NEGG) shares trading Monday and a closing price of $1.48 on the day, the dollar volume was approximately $17.5 million. The shares have shown a positive half year performance of 33.33% and its price on 12/04/23 lost nearly -17.78%. Currently, there are 376.66M common shares owned by the public and among those 19.84M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for NEGG have a consensus price objective of $3.00. The analysts have set the share’s price value over the next 12 months at a high of $3.00 and a low of $3.00. The average price target is 50.67% above its recent price level and an upside to the estimated low will see the stock gain 50.67% over that period. But an upside of 50.67% will see the stock hit the forecast high price target while median target price for the stock is $3.00.
The top 3 mutual fund holders in Newegg Commerce Inc are Fidelity Nasdaq Composite Index E, Fidelity Nasdaq Composite Index F, and SPDR Portfolio Emerging Markets E. Fidelity Nasdaq Composite Index E owns 0.21 million shares of the company’s stock, all valued at over $0.12 million. The company sold 1150.0 shares recently to bring their total holdings to about 0.06% of the shares outstanding. SPDR Portfolio Emerging Markets E now owns shares totaling to 0.04% of the shares outstanding.
Shares of Newegg Commerce Inc (NASDAQ: NEGG) opened at $1.86, up $0.06 from a prior closing price of $1.80. However, the script later moved the day high at 2.1500, down -17.78%. The company’s stock has a 5-day price change of 49.49% and 34.55% over the past three months. NEGG shares are trading 12.98% year to date (YTD), with the 12-month market performance down to -19.13% lower. It has a 12-month low price of $0.52 and touched a high of $3.09 over the same period. NEGG has an average intraday trading volume of 787.19K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 61.05%, 88.47%, and 34.46% respectively.
Institutional ownership of Newegg Commerce Inc (NASDAQ: NEGG) shares accounts for 0.40% of the company’s 376.66M shares outstanding. Mutual fund holders own 0.15%, while other institutional holders and individual stakeholders account for 0.25% and — respectively.
It has a market capitalization of $559.08M and a beta (3y monthly) value of 1.23. Price movements for the stock have been influenced by the stock’s volatility, which stands at 36.14% over the week and 20.20% over the month.
Analysts forecast that Newegg Commerce Inc (NEGG) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Newegg Commerce Inc (NEGG) as a “Strong Buy” at a consensus score of 1.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NEGG, a number of firms have released research notes about the stock. Noble Capital Markets stated their Outperform rating for the stock in a research note on February 06, 2023, with the firm’s price target at $3.50.
