Newegg Jumps 11% on Meme Stock Buzz

Dow Jones07-08

By Victor Swezey

Newegg Commerce appears to be the next meme stock, one analyst says, after shares were on the rise Monday.

The stock was up 11% in morning trading to $1.18, down from a high of $1.31. Shares are approximately flat since the beginning of the year.

The City Of Industry, Calif.-based electronics retailer's rumored association with GameStop has turned it into a potential "meme stock," Wedbush analyst Michael Patcher said. Meme stocks tend to climb quickly based on waves of internet hype among retail traders on online gathering places such as Reddit and Discord.

Trading volume for Newegg stands at 3.9 million, well above its 30-day average of 1 million.

Write to Victor Swezey at victor.swezey@wsj.com

(END) Dow Jones Newswires

July 08, 2024 10:57 ET (14:57 GMT)

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