Update (4:32 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Logitech (LOGI) dropped 7.24% to $13.71, down $1.07 from its previous close of $14.78, at the close of the trading day on Thursday as the rest of the tech sector posted some significant declines.
The stock had a volume of 1,887,926, more than three times its average of 547,795. It hit a high of $14.26 and a low of $13.58 for the day.
Microsoft (MSFT), Zynga (ZNGA), Apple (AAPL) and Logitech each declined throughout the day, as the tech sector sagged and the Dow Jones Industrial Average dropped nearly half a percentage point.
The plummeting stock of Best Buy (BBY) may have also contributed to Logitech's decline. The top consumer electronics retailer in the U.S. was one of the biggest losers on the market on Thursday with a nearly 30% decline after it reported its sub-par holiday results. Logitech's products include accessories for PCs, mobile devices, video games and other electronic devices, many of which Best Buy sales. A sharp decline for Best Buy could affect Logitech, as well.
TheStreet Ratings team rates LOGITECH INTERNATIONAL SA as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LOGITECH INTERNATIONAL SA (LOGI) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."