Newegg Commerce, Inc. (NASDAQ:NEGG) Sees Significant Growth in Short Interest

Newegg Commerce, Inc. (NASDAQ:NEGG) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 1,030,000 shares, an increase of 48.7% from the February 13th total of 692,700 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 901,900 shares, the days-to-cover ratio is currently 1.1 days.

Newegg Commerce Trading Down 26.9 %

NEGG traded down $0.10 during trading on Friday, reaching $0.28. 4,345,999 shares of the company traded hands, compared to its average volume of 714,080. The company has a current ratio of 1.21, a quick ratio of 0.54 and a debt-to-equity ratio of 0.54. Newegg Commerce has a 12-month low of $0.24 and a 12-month high of $1.32. The firm has a fifty day simple moving average of $0.43 and a 200 day simple moving average of $0.57.

Newegg Commerce’s stock is going to reverse split before the market opens on Monday, April 7th. The 1-20 reverse split was announced on Friday, March 14th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, April 4th.

Institutional Investors Weigh In On Newegg Commerce

Institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new stake in Newegg Commerce during the 4th quarter valued at approximately $69,000. Jane Street Group LLC bought a new position in shares of Newegg Commerce during the 4th quarter valued at approximately $44,000. Finally, Renaissance Technologies LLC boosted its position in shares of Newegg Commerce by 69.1% during the 4th quarter. Renaissance Technologies LLC now owns 85,422 shares of the company’s stock valued at $34,000 after acquiring an additional 34,900 shares during the last quarter. 0.45% of the stock is owned by hedge funds and other institutional investors.

About Newegg Commerce

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.