Nintendo Co (NTDOF) stock was down on Thursday after the U.S. Patent and Trademark Office (USPTO) rejected the video game company’s patent for summoning a character to have them fight alongside the player. This patent was filed with Pokémon in mind, but it could also apply to other games made by Nintendo.
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The USPTO first granted Nintendo this patent in 2022, but it has been reevaluated and all of the claims were rejected. However, Nintendo does have the right to appeal this decision, which could see it save some parts of the patent. A major reason for the reevaluation was several prior patents from Nintendo and other game development companies that covered similar mechanics.
Today’s patent news will likely remind players of game developer Pocketpair’s Palworld, a game that has been accused of ripping off Pokémon. Nintendo has a lawsuit against Pocketpair related to similarities between Palworld and Pokémon.
Nintendo Stock Movement Today
Nintendo stock was down 0.84% on Thursday, extending a 15.48% fall year-to-date. The stock has also dropped 15.32% over the past 12 months.
Today’s news saw more than 11,000 shares of NTDOF stock change hands, which was above its three-month average daily trading volume of about 9,700 shares.
Is Nintendo Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Nintendo is Moderate Buy, based on six Buy, one Hold, and one Sell rating over the past three months. With that comes an average NTDOF stock price target of $82.41, representing a potential 46.55% upside for the shares.
