Nintendo Switch 2 Thieves Nab Over 2,800 Systems
Nintendo (NTDOF) was the target of a heist that resulted in 2,810 Switch 2 units being stolen from a transport truck. The theft saw the video game consoles removed from a transport truck that was on its way to a GameStop (GME) location, likely a distribution center, in Texas. The theft was reported after the driver realized the consoles were missing at a pre-inspection truck stop.
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According to local authorities, each of the Switch 2 units that were stolen was worth $500. That means these weren't just normal Switch 2 units, which are priced at $450 each, but rather the versions that come bundled with a digital copy of Mario Kart World.
With 2,810 Switch 2 units valued at $500 each stolen in the heist, the thieves walked away with $1,405,000 worth of merchandise. Considering the strong demand for the Switch 2, this will leave some fans disappointed as GameStop's Switch 2 supply in Texas is affected. It also means the thieves will likely be able to easily fence the stolen goods, and probably for much more than their MSRP.
Switch 2 Sales
Even with this theft, Nintendo still saw plenty of Switch 2 sales after the console's launch earlier this month. The company sold 3.5 million of the units in four days, setting new records. It also expects to sell 15 million units in the first year, with plans to produce up to 20 million units to meet increased demand.
Is NTDOF Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for Nintendo is Moderate Buy, based on eight Buy, two Hold, and a single Sell rating over the past three months. With that comes an average NTDOF stock price target of $92.21, representing a potential 1.22% upside for the shares.
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