NEGG - Newegg Commerce stock surges over 100% as volume spikes

Newegg Commerce ( NASDAQ: NEGG ) stock surged to a triple-digit gain on Friday.

The doubling of the stock in just a day comes as trading volume spikes to off-the-charts levels. About an hour prior to Friday’s close, 53.3M shares had changed hands. That figure dwarfs the daily average volume for the California-based e-commerce company, which stands at 356,382, by over 14,000%.

The 106.12% gain in afternoon trading brings the company’s market cap to over $1B. The immediate catalyst for the surge is unclear, though the company does court elevated short interest 10.87% of its float, according to Seeking Alpha data.

Read more on other heavily-shorted stocks surging as of late .

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