There were many stocks which made strong moves on Tuesday and one of the notable movers was that Newegg Commerce Inc (NASDAQ:NEGG) stock. The stock soared by as much as 42% yesterday after a significant development.
Yesterday, the company’s stock came into sharp focus after four models of rare Nvidia GeForce RTX GPUs were made available at the Shuffle popular product drawing event hosted by Newegg. The models were made available through a lottery. The GPUs that were made available at the event included the models RTX 3090, RTX 3060, RTX 3070 and RTX 3070 Ti. Those who won the lottery would need to pay for the rare GPUs.
However, at the same time, it is also necessary to point out that the prices offered by Newegg are quite close to the suggested retail price from the manufacturer. Nowhere else on the internet are those models available at a closer price. That being said, it is also necessary to mention that the Newegg Shuffle GPUs are only going to be sold as part of a bundle with other products. Due to the pandemic, there has been shortage of Nvidia GPUs and hence, the lottery from Newegg generated considerable attention among many consumers.
On Tuesday, NEGG stock gained 41.67% at $27.20 with more than 8.73 million shares, compared to its average volume of 972k shares. The stock had moved within a range of $19.21 – 29.69 after opening the trade at $19.94. Over the past 52-week, the stock has been trading within a range of $2.80 – 29.69.