Newegg Commerce (NEGG) shares more than doubled on Wednesday as the online electronics retailer is turning into the latest meme stock and benefited from some product-related news.
The stock recently traded at $47.88, up 76%. The shares on Wednesday have traded as high as $71.14, compared with Tuesday's close at $27.20. In 2021 through Tuesday's closed, the stock had jumped by a factor of nearly seven.
Oneenthusiast posted on Reddit Tuesday: “Been buying from newegg since 2004. Love the company, love the stock.”
As for products, on Tuesday consumers could have found four models of Nvidia's (NVDA) GeForce RTX graphics cards on Newegg Shuffle, according to Tech Radar. The site says those are difficult finds these days.
Newegg Shuffle is a lottery for popular products.
“Nvidia's newer gaming GPUs arebeing snapped up extremely quickly by both gamers and some cryptocurrency miners,” wrote Beth McKenna of the Motley Fool.
Not all meme stocks rose on Wednesday. AMC Entertainment (AMC) recently traded at $45.14, down 10%, and GameStop (GME) was at $183.25, down 8%.
On Tuesday,AMC said it scrapped plans to ask holders to approve an increase in authorized shares.
AMC said it would drop a proposal to increase its authorized shares to around 550 million from 525 million and won't seek approval for any more issuance until at least 2022.
The move followed what Chief Executive Adam Aron described as a “split” in opinion among the company's retail investor base.
Aron said the 25 million request was a "more measured proposal" than the 500 million share request floated earlier this spring.
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