Playtika (NASDAQ:PLTK) Shares Gap Up – Should You Buy?

Playtika Holding Corp. (NASDAQ:PLTK) shares gapped up prior to trading on Friday . The stock had previously closed at $2.31, but opened at $2.40. Playtika shares last traded at $2.3240, with a volume of 378,569 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PLTK shares. Citigroup cut their price objective on Playtika from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, September 3rd. Roth Capital reduced their price target on Playtika from $3.50 to $2.75 and set a “neutral” rating on the stock in a report on Monday, August 31st. Wedbush upped their price objective on Playtika from $3.00 to $4.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Playtika in a report on Wednesday, August 26th. Finally, Morgan Stanley set a $4.25 target price on shares of Playtika in a research report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.75.

Playtika Trading Down 1.5%

The firm has a market capitalization of $867.73 million, a P/E ratio of -3.13 and a beta of 1.00. The company has a 50-day moving average of $2.99 and a 200-day moving average of $3.20.

Hedge Funds Weigh In On Playtika

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Playtika in the second quarter valued at approximately $22,230,000. Man Group plc bought a new position in Playtika during the 2nd quarter worth approximately $2,554,000. Tidal Investments LLC raised its holdings in Playtika by 153.0% during the 2nd quarter. Tidal Investments LLC now owns 353,984 shares of the company’s stock worth $1,317,000 after purchasing an additional 214,093 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Playtika in the 2nd quarter worth approximately $946,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Playtika by 62.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 165,394 shares of the company’s stock valued at $615,000 after purchasing an additional 63,717 shares during the last quarter. 11.94% of the stock is currently owned by institutional investors.

About Playtika

Playtika Holding Corp. is a digital entertainment company that develops, publishes and operates free-to-play mobile and online games. Its titles are designed for smartphones, tablets and web platforms and generate revenue primarily through in-game purchases and advertising.

The company’s portfolio includes social casino games such as Slotomania, Caesars Slots, House of Fun and Bingo Blitz, as well as casual and social games including June’s Journey and Board Kings. Playtika operates and supports its games through live services, which include regular content updates, events and features intended to maintain player engagement.

Founded in 2010, Playtika has expanded through internal development and acquisitions of game studios and intellectual property.