Wedbush's Michael Pachter Talks Stocks Well-Positioned As Work-At-Home Becomes A Permanent Trend
Some stocks will continue to benefit from the shelter-in-place movement as the work-from-home trend becomes a permanent shift, Wedbush analyst Michael Pachter said Wednesday on Benzinga's YouTube show "PreMarket Prep."
Overstock.com Inc (NASDAQ:OSTK) is not just a shelter-in-place beneficiary, said Pachter, it is "actually executing." The analyst also told Benzinga he thinks Overstock.com is the most interesting of all the shelter-in-place stocks, emphasizing he loves the stock.
Roblox Corp (NYSE:RBLX) reported better-than-expected earnings on Monday, Pachter said. The company "took the unusual step" of announcing April monthly results to let people know children were still playing games after returning to school, he noted.
Unity Software Inc (NYSE:U) is "Roblox times infinity," Pachter told Benzinga. Sixty percent of all games are created using the Unity platform, he said. One day he expects the company to have developers put games on the Unity website the same way that Amazon.com, Inc. (NASDAQ:AMZN) created the Kindle store for digital books.
Zynga Inc (NASDAQ:ZNGA) traded flat after great numbers, Pachter said. Management seems to be doing everything right and the company is deliberate with its spending, he noted, adding that a year from now, he expects the stock to be around $15 to $16 per share.
Price Action: Overstock.com stock is up 55.74% year-to-date.
Roblox stock is down 3.47% over a 1-month period.
Unity stock is down 44.65% year-to-date.
Zynga stock is up 4.10% year-to-date.
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