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Capcom Stock (CCOEY) Jumps on a 5% Stake from Saudi Arabian Crown Prince Mohammed bin Salman
Capcom CCOEY +1.50% ▲ stock rallied on Monday alongside news that Saudi Arabian investment firm Electronic Gaming Development Company (EDIC) has acquired a 5.03% stake in the video game company. EDIC is the investment company of Saudi Arabian Crown Prince Mohammed bin Salman. Interestingly, Salman is also the chairman of Saudi Arabia’s Public Investment Fund (PIF), which also has a 5% stake in Capcom.
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According to the latest filing, EDIC’s investment in Capcom is simply that, an investment. There are no ulterior motives. However, the rising stake in the company will give Salman more pull with Capcom. This would align with his previous efforts in the video game space, which saw Salman take over Capcom rival SNK in 2022 via his MiSK Foundation.
Capcom and SNK are rivals in the fighting video game market. Capcom’s most popular series is Street Fighter, while SNK’s is The King of Fighters. The two have also collaborated in the past with crossover titles, such as SNK vs. Capcom. Today’s news has sparked interest in a potential new entry in this series, and has also spurred speculation that Salman may be interested in acquiring Capcom in the same manner that he did with SNK.
Capcom Stock Movement Today
CCOEY stock was up 1.54% on Monday but was still down 3.83% year-to-date. The shares have also fallen 6.1% over the past 12 months.
Capcom’s sister stock CCOEF +0.04% ▲ saw a slight gain today and has climbed 5.34% year-to-date. The stock was still down 1.87% over the past 12 months.
Is Capcom Stock a Buy, Sell, or Hold?
Turning to Wall Street, CCOEY stock lacks significant analyst coverage. However, there’s analyst coverage of CCOEF stock. The analysts’ consensus rating for CCOEF is Strong Buy, based on three Buy ratings over the past three months. With that comes an average price target of $28.93, representing a potential 25.4% upside for the shares.
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