Hey I will try to keep this brief, as of last week, a private investor(a) have bought up almost of the free float of NEGG. There are now about 20k shares of the float not held by insiders.
Retail long has at least a few hundred thousand.
And the currently reported short count (fintel) is about 270k. It could well be more of we factor in the institutional holds.
The company has previously been off the boil, but has cleared debt, has been looking to expand and is developing AR PC gaming experiences. Oh and PC components have gone up faster than any other 'asset' due to the whole data center thing leading to market scarcity. RAM up 600% for example.
Financials for NEGG are annually reported and are not due until March, but a turnaround to profitability is expected.
Given the over subscription of the float, and outstanding short positions, things could get very interesting. Things may happen sooner than the business case evidence.
But business turn around and timing is another factor that sets a positive outlook.
If you haven't looked into it and you are interested in market anomalies, I think you may struggle to find tickers with a higher % of insider holds.
Of course I am in NEGG and have been since September 25, but I feel like this latest 13D and tiny free float needs to be communicated to those that don't know.
Happy to field any questions.
NEGG free float drops to 20k after insider buys and consumer PC component availability becoming scarcer
byu/Ok-Grapefruit-9471 instocks
Posted by Ok-Grapefruit-9471
2 Comments
What about DELL? Valuation looks more attractive there
This is definitely an anomaly. Don’t see the upside here.
Fair value puts this thing at $4 and they have been losing 50 million a year.
Are you thinking a squeeze scenario? Short interest seems a low 1%, could this be because of the tiny float?
Could you elaborate on your bull thesis?