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Why Newegg Stock Skyrocketed 42% on Tuesday

TheMotleyFool

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Why Newegg Stock Skyrocketed 42% on TuesdayPhoto, wide shot, wide-angle lens, Toy manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/2788fcd3-d339-4592-8f5c-a3b9125dc61f.png

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).

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 that the stock has been publicly traded. The S&P 500 returned 5.7% over this period.

Image source: Getty Images.

Source Fool.com

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