Analyst: Now is the Time to Buy Logitech Stock

Logitech stock is down more than 29% in the last 12 months

Deputy Editor
Mar 24, 2022 at 9:42 AM
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The shares of Logitech International SA (NASDAQ:LOGI) are up 4% at $74.74 ahead of the open, thanks to a bull note from Bank of America Securities. The firm initiated coverage on the computer accessory maker with a "buy" rating and a $107 price target, saying that the underlying stock boasts a strong entry point, given the company's growth prospects and "strong track record of execution."

Coming into today, analysts were mostly optimistic toward Logitech stock, though there's still room for upgrades. Three of the five in coverage sport a "strong buy" rating on Logitech stock, while the remaining two carry a "hold" or worse, while the 12-month consensus price target of $105 is a 46.1% premium to last night's close. 

Short sellers, meanwhile, have built their positions over the two most recent reporting periods. Short interest increased 9.6% in that time frame, and the 12.26 million shares sold short account for 7.4% of LOGI's available float, or more than two week's worth of pent-up buying power.

It also looks like options traders have been incredibly bearish. This is per Logitech stock's 10-day put/call volume ratio of 7.93 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 100% of readings in its annual range, and shows nearly eight puts have been picked up for every call over the past two weeks.  

Logitech stock has struggled on the charts since a late-July bear gap sent the shares back below the $116 level, which served as both pressure and support in 2021. More recently, the 90-day moving average has kept a lid on multiple attempts to move higher. In the last 12 months, LOGI has shed more than 29.7%.

 

 

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