Nintendo Stock Price Hits 52-Week High Amid Switch Shortages
Nintendo is in a strong position right now thanks to Animal Crossing and high demand for the console, which has led to it selling out.
Nintendo's stock price has just hit a 52-week high, showing the company's current financial strength despite the fact that it's very hard to buy a Switch right now. As tweeted by Niko Partners senior analyst Daniel Ahmad, Nintendo's stock price is currently at the highest it has been over the last 52 weeks.
In fact, the stock price is as high as it was in March 2018, which was a previous record price for the Switch era of the company. It peaked on April 16, 2020 at 47,100 yen (approx. $437).
Nintendo share price has achieved a new 52 week high.— Daniel Ahmad (@ZhugeEX) April 16, 2020
Last time it hit its current price was in March 2018 which was a record high for the Switch era.
Strong demand for Switch and Animal Crossing + gaming in general being the key factors for recent increase. pic.twitter.com/orfQ1Bnlo5
The enormous success of Animal Crossing: New Horizons is credited as a major reason for this stock rise. The game has been a sales sensation, and one of the best selling games on the console. While shipments of the console have been suspended in Japan, and its handheld mode might seem less important now that everyone is stuck indoors, it has remained extremely popular.
Animal Crossing: New Horizons is not the only big recent success on Switch, as Ring Fit Adventure has also seen stock shortages.
Nintendo is expected to give an overview of recent business in its next earnings report on May 7, 2020, which should give us some further insight into how the Switch and Animal Crossing are performing.
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