Is Newegg Commerce (NASDAQ:NEGG) Stock Ready To Hit $100 in July?

Over the past few days, the Newegg Commerce Inc (NASDAQ:NEGG) stock has come into considerable focus among many investors and the trend continued yesterday as the stock soared by as much as 148% amidst heavy interest.

The company is involved in the computer hardware and electronics e-commerce space and there are certain developments that have made the stock highly sought after in recent days. One of the more important developments in recent times was the emergence of the news that Newegg got a shipment of some of the most in-demand GPUs manufactured by Nvidia. The products were made available through the Newegg Shuffle lottery.

The company offered the GPUs at a price that was much closer to the MSRP and that is a price point that can often be hard to find. There are many personal computer enthusiasts who are looking to get these new GPUs from Nvidia and the fact that these were made available by Newegg has resulted in considerable positivity about the company’s operations as well as for its stock.

However, that is not the only factor. Recently, the company had also announced that it was going to build customised personal computers for its customers and that is another reason behind this rally in the Newegg stock.

Market Reaction:

On Wednesday, NEGG stock soared 148.42% at $67.57 with more than 76.18 million shares, compared to its average volume of 1.11 million shares. The stock had moved within a range of $28.19 – 79.00 after opening the trade at $28.68. Over the past 52-week, the stock has been trading within a range of $2.80 – 79.00.