Why I Loaded Up on Hasbro During the Coronavirus Crash
At the worst point of the initial coronavirus sell-off (I say "initial" because it's anyone's guess if selling decides to resume once more), toymaker Hasbro (NASDAQ: HAS) was down nearly 60% from its high-water mark in 2020. Even worse, shares were down 67% from all-time highs registered in 2019.
I started scooping up the stock during the downturn, and I've already been rewarded. After briefly trading in the low $40 range, the stock has rallied back to $71 a share as of this writing. I'll take it, although I'll admit I wasn't expecting that quick of a rebound. Part of the reason has to do with CEO Brian Goldner saying in a recent interview with CNBC that demand for his company's products during the crisis has been strong. That's great. However, the real reason I added to my position was that I saw -- and still see -- a longer-term value in the making.
Entertainment One's Peppa Pig, recently acquired by Hasbro. Image source: Entertainment One.
Source Fool.com
