Corsair’s Elgato Launches Facecam; Shares Pop

Elgato, a unit of Corsair Gaming, Inc. (CRSR), launched a new professional-grade webcam, Facecam, along with four more products to facilitate content creators. Shares were up 2.5% in the pre-market session at the time of writing.

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Corsair provides high-performance gear for gamers and content creators, while Elgato provides hardware and software for streamers and content creators. Caught in the meme stock frenzy since June, the stock has lost 9.3% in the past month while gaining 112.4% year to date. (See Corsair Gaming stock charts on TipRanks)

Fitted with an all-glass studio-quality Elgato Prime lens, Facecam captures Full HD 1080p60 videos. Additionally, the camera boasts a Sony® Starvis™ image sensor, which enables an optimized fixed focus for every type of video need that demands a high-quality HD shoot, and its back-illuminated pixel technology excels in indoor lighting conditions.

Along with Facecam, Elgato also launched four new gear products to boost the production setup. The first one is Wave XLR, an XLR to USB Type-C microphone interface and digital audio mixer. The second one is Stream Deck, which now comes with interchangeable faceplates, a detachable USB Type-C cable, and a beautiful new stand.

The remaining two new products, Wave Mic Arm and Wave Mic Arm LP, are two premium-quality mounting options for content creators, radio broadcasters, business professionals, or anyone with a desktop audio setup.

Julian Fest, SVP and GM of Elgato, said, “Facecam is the culmination of thousands of hours of meticulous engineering, and it comes at a time when more people than ever are looking to build a highly professional setup that can help establish and grow their audiences.”

In a recent report, Robert W. Baird analyst Colin Sebastian reiterated a Buy rating on the stock with a price target of $48, implying 58.6% upside potential.

Sebastian attributes favorable secular trends, a strong brand, and a robust product pipeline to his positive view of Corsair.

Overall, the stock commands a Strong Buy consensus rating based on 3 unanimous Buys. The average Corsair Gaming price target of $50 implies 65.2% upside potential to current levels.

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Corsair, with 17.4% of portfolios tracked by TipRanks increasing their exposure to CRSR stock over the past 30 days.