Why Newegg Commerce (NEGG) Stock Is Soaring Again
Newegg Commerce (NASDAQ: NEGG) is off to the races again. The online retailer posted incredible price gains in July and early August, followed by a sharp drawdown in the last three weeks. On Thursday, the stock was back to its old tricks with a 26.7% single-day gain as of 3 p.m. ET.
Like the momentous rise and fall in recent months, Newegg's fresh surge looks like a meme stock rally -- with some unique quirks.
The stock's short-selling ratio is high, inspiring dreams of quick short-squeeze rallies when share prices start to move higher. I see no game-changing news in Newegg's press center, or the company's official blog. The only potentially market-moving news source would be Newegg's financial filings, where I found independent investor Vladimir Galkin reporting another purchase of Newegg shares.
Source Fool.com
