Activision Blizzard (ATVI)

Oct 25, 2021Trade Ideas

Keep an eye on Activision Blizzard (ATVI).

After finding strong support dating back to late 2020, the stock is just beginning to push higher, as we near the holiday shopping season. In late 2019, ATVI ran from about $52 to $58 during the holidays. In 2020, ATVI ran from about $78 to $92.50. Now, after a rough year, ATVI could be setting up for another respectable move higher.

In addition, Jefferies’ analyst Andrew Uerkwitz said he is bullish after ATVI reached a settlement with the U.S. Equal Employment Opportunity Commission. “Uerkwitz, who has a buy rating and a $120 price target, said that “Diablo II Resurrected” launched to good review this past weekend, the first of an expected wave of content from Blizzard,” as reported by The Street.

We also have to remember that video game industry sales have been strong.

In the first half of the year, video game sales were up to $28.9 billion – up 15% year over year, according to the NPD Group. In the first quarter, video game sales were 30% higher in the first quarter of the year rising to $14.92 billion. For the second quarter, gaming sales totaled $14 billion — a 2% increase year over year.

With sales unlikely to slow, ATVI has become an oversold bargain.

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