Newegg Commerce Inc (NASDAQ: NEGG) stock climbed over 100% on Wednesday morning after adding 35% the day prior. Shares of NEGG are now up nearly 400% over the past five days and more than 1,100% over the past six months, Investors are naturally left wondering what is driving such a massive rally, especially in recent days, and how to buy Newegg stock as a momentum play.
The sharp increase in NEGG stock, an online shopping destination, is primarily attributed to the company’s product drawing event called Shuffle on Tuesday that had a few of Nvidia’s wildly popular GPUs on offer at the manufacturer’s suggested retail price. On top of that, Newegg said Wednesday it now offers on-demand assembly of custom PCs that continued to send the stock up on Wednesday.
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Should you buy Newegg stock now?
The COVID-19 driven boom in crypto mining and gaming pushed demand for Nvidia’s GPUs well above supply. Consequently, a few models, especially the RTX series isn’t easily available to purchase. Even if it is, sellers have raised the prices significantly from the retail price that Nvidia suggests as the demand is strong.
It’s newly launched on-demand assembly of custom PCs is also exciting for customers as the online retailer has a massive inventory with millions of parts from tens of brands. Consequently, customers can build their custom PCs on the Newegg PC builder and have it delivered much faster than rival build-to-order (BTO) services which take longer to source the required components.
At the time of writing, NEGG is exchanging hands at $54 per share that represents a more than 1,200% increase on a year-to-date basis. The California-based company is now valued at $17.80 billion.
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