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  1. Home
  2. / Investing
  3. / Stocks

Corsair Gaming: A Technical Look at the Recent IPO

Shares of Corsair, which went public on Sept. 23, are already up 10% over the past month.
By BRUCE KAMICH
Nov 03, 2020 | 10:25 AM EST
Stocks quotes in this article: CRSR, LOGI

"Forget politics and focus on opportunities," Cramer told viewers of Mad Money Monday evening. The rally in technology isn't over, he said, and some of the biggest values are in recent tech IPOs like Corsair Gaming (CRSR) , which came public on Sept. 23.

Shares of Corsair are already up 10% over the past month, but Cramer said this high-end gaming peripheral maker isn't done. The company has 18% market share in the gaming market and its high-end products are sought after by high-end gamers. While the company is spending a lot on research and development, as well as marketing, it also enjoys robust gross margins.

Cramer said there's a lot to like about Corsair, which has made the difficult transition from a commodity memory supplier into a gaming necessity. The stock currently trades at 25 times next year's earnings, which translates to just 1.4 times sales. That's a lot cheaper than rival Logitech (LOGI) , which trades at 3.6 times sales, he said.

While private equity firm Eagle Tree still has a 78% stake in Corsair, Cramer said he's willing to recommend the company on the strength of the gaming market. 

 
Let's check out the charts. In this daily candlestick chart of CRSR, below, we can see just a limited amount of price history. Prices are above the rising 20-day moving average line. There is a band of trading in the $22-$18 area that could act as support and the $25-$26 area could act as minor resistance.
 
The On-Balance-Volume (OBV) line has weakened in recent days suggesting that sellers are being more aggressive but the trading volume is light and we do not have much history to work with. 
 
 
 
In this daily Point and Figure chart of CRSR, below, we can see a tentative downside price target in the $19 area. 
 
 
Bottom-line strategy: I do not have a lot of confidence in recommending a trade for CRSR at this point. Let's check back in a few months.
 
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TAGS: IPOs | Investing | Stocks | Technical Analysis | Gaming | Mad Money

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