Garmin's stock has weathered the technology sell-off.
While the Nasdaq Composite has fallen so far this month, Garmin has risen 1%. The stock has also led in the rebound off of last March's lows, rallying more than 105% compared with the Nasdaq's 98% surge.
Todd Gordon, founder of TradingAnalysis.com, is betting on more gains for the name.
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"This company has adapted really well to changing technological trends. So in 2016, about a third of the revenues were from those GPS navigation devices that were stuck on your windshield. Now fast forward five years later, 90% of their sales are from outdoor, fitness, marine and navigational equipment, plus they have a pretty good market share in a personal fitness device and data business," Gordon told CNBC's "Trading Nation" on Thursday.
Garmin's fitness segment makes up 31% of total sales and Gordon sees changing consumer trends as supportive of that business. He views the post-Covid pandemic environment as more health conscious and a shift from cities to the suburbs as a boon for outdoor fitness products.
The stock broke out to all-time highs in mid-February, though has pulled back around 6% since then. He sees the $125 mark as support and a foundation for an upside move back to records. Garmin closed Thursday at $125.45.
Gordon holds Garmin shares outright in his value and dividend portfolio. It yields nearly 2%.
For an options trade, he said it makes sense to position oneself to take advantage of the next earnings release expected May 5. Gordon said investors could buy the 130 strike call, sell the 140 call with May 21 expiration, a $10 spread risking $200 to make $800.
Disclosure: Gordon holds GRMN.