Newegg Commerce (NASDAQ:NEGG) Stock Goes Parabolic: Time To Book Profit?
The shares of consumer electronics-focused online retailer, Newegg Commerce (NASDAQ:NEGG) surged another 110% this morning after soaring by over 41.7%, thanks to happy gamers looking for NVIDIA GeForce RTX GPUs (graphics processing units). During the same period, the S&P returned a modest 5.7%.
Through a special purpose acquisition company, the firm came in public in May using reverse merger. Its stocks have jumped by 195% in less than two months post listing.
Newegg Shuffle had availability of four NVIDIA’s hard-to-find GeForce RTX graphics cards on July 6. The models included RTX 3060, RTX 3070 Ti, RTX 3070and RTX 3090. Nvidia’s new gaming GPUs are taken rapidly by cryptocurrency miners and gamers.
Investors view the development as positive with Newegg having stock of the graphic cards even as huge retailing companies are sold. The surge of over 40 percent is significant and the market views that the firm may be successful than others in getting inventory of selected products in demand.
Newegg hasn’t given any date for releasing first quarter report as a public company, which investors need to know for knowing when more information will be available. However, NVIDIA stock seems to be the best bet for investors as there is a massive demand of its GeForce RTX graphics cards.
NEGG stock is up 430% in a week and made a new 52-week high of $71.14 this morning. As of 12:57, NEGG stock soared 118% at $59.32. Total volume so far stood at 41.11 million shares, compared to its average volume of 1.09 million shares.
