Newegg Commerce, trading under the ticker NEGG, announced it has achieved compliance with Nasdaq's minimum bid price requirement. This development follows a notification letter from Nasdaq confirming the company met the necessary criteria.
The compliance was reinstated as Newegg maintained a closing bid price of at least $1.00 per share for ten consecutive business days, from April 7 to April 21. This performance satisfies the stipulations under Nasdaq Listing Rule 5550, ensuring NEGG's continued listing on the exchange.
As a result of this achievement, the listing issue previously facing Newegg has been resolved, marking a positive step for the company's standing on the stock market.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 1 analysts, the average target price for Newegg Commerce Inc (NEGG, Financial) is $3.00 with a high estimate of $3.00 and a low estimate of $3.00. The average target implies an downside of 19.14% from the current price of $3.71. More detailed estimate data can be found on the Newegg Commerce Inc (NEGG) Forecast page.
Based on the consensus recommendation from 1 brokerage firms, Newegg Commerce Inc's (NEGG, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Newegg Commerce Inc (NEGG, Financial) in one year is $24.05, suggesting a upside of 548.25% from the current price of $3.71. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Newegg Commerce Inc (NEGG) Summary page.
