Playtech (LON:PTEC) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Playtech plc (LON:PTEC) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 331.16 and traded as low as GBX 303.60. Playtech shares last traded at GBX 307.01, with a volume of 483,314 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Citigroup raised their price target on shares of Playtech from GBX 355 to GBX 400 and gave the stock a “buy” rating in a research report on Monday, March 30th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Playtech from GBX 443 to GBX 460 and gave the company a “buy” rating in a report on Thursday, May 21st. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a GBX 405 price objective on shares of Playtech in a research note on Wednesday, May 20th.

Playtech Price Performance

The stock’s fifty day moving average is GBX 357.18 and its 200-day moving average is GBX 331.28. The stock has a market capitalization of £826.32 million, a PE ratio of 0.61, a P/E/G ratio of 1.28 and a beta of 0.90. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09.

Playtech declared that its Board of Directors has authorized a share repurchase program on Friday, March 27th that permits the company to repurchase 5,660,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Playtech news, insider Mor Weizer purchased 71,321 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of GBX 375 per share, for a total transaction of £267,453.75. Also, insider Chris McGinnis purchased 27,080 shares of Playtech stock in a transaction that occurred on Wednesday, May 20th. The stock was acquired at an average cost of GBX 372 per share, with a total value of £100,737.60. Corporate insiders own 0.82% of the company’s stock.

About Playtech

Playtech plc, a technology company, provides gambling software, services, content, and platform technologies worldwide. The company offers technologies across various product verticals, including live casino, sports, bingo, virtual sports, and poker. It also owns the intellectual property rights and licenses the software; provides digital marketing and advertising, consulting and online technical support, data mining processing, turnkey, live game, and video stream services; and operates betting shops.