Why Sony (SNE) Is Up Today

NEW YORK (TheStreet) -- Sony (SNE) was gaining 1.4% to $17.30 Tuesday after the consumer electronics company announced that it has sold 5.3 million PlayStation 4 consoles as of Feb. 8.

Sony hoped to sell at least 5 million PlayStation 4 consoles before the end of its fiscal year in March, and has beaten that estimate before the Japanese release of the console.

The sales numbers come from sales data collected by Sony since the North American and Latin American release of the video game console on Nov. 15, and the European and Asian release on Nov. 29. The PS4 will release in Sony's native Japan on Feb. 22.

"I am thrilled that so many customers around the globe have continued to select PS4 as the best place to play throughout and beyond the holiday season," Andrew House, president and group CEO of Sony Computer Entertainment, said in a statement. "We are delighted that according to the NPD Group's latest data, PS4 was January's top-selling console in the United States.

Must read: Sony (SNE) PS4 Outsells Microsoft (MSFT) Xbox One 2-to-1

TheStreet Ratings team rates SONY CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SONY CORP (SNE) 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 compelling growth in net income, revenue growth and solid stock price performance. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."

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