Time To Book Profits in Seagate Stock
- Date: 08-Jan-2021
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Time To Book Profits in Seagate Stock
KIEV, UKRAINE - 2018/11/20: In this photo illustration, the Seagate Technology company logo seen ... [+] displayed on a smartphone. Seagate Technology PLC is an American data storage company. It was incorporated in 1978, as Shugart Technology. Since 2010, the company is incorporated in Dublin, Ireland, with operational headquarters in Cupertino, California, United States. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)
LightRocket via Getty Images
Up almost 50% since March, we believe Seagate stock (NASDAQ: STX) could see significant downside. STX stock is slightly above the level it was at, at the start of 2020. It traded at $54 in February 2020 – just before the outbreak of coronavirus – and is currently more than 10% above that level, as well. Further, due to poor Q1 2021 results, and unlikely demand growth in the near to medium term, the stock has the potential to drop 10% to its pre-Covid level of around $54. Our conclusion is based on our comparative analysis of Seagate stock performance during the current crisis with that during the 2008 recession in our interactive dashboard.
2020 Coronavirus Crisis
Timeline of 2020 Crisis So Far:
12/12/2019: Coronavirus cases