Playtech (LON:PTEC) Stock Price Down 5.3% – Time to Sell?

Playtech plc (LON:PTEC)’s stock price traded down 5.3% during mid-day trading on Tuesday . The stock traded as low as GBX 402.40 and last traded at GBX 404.80. 24,129,354 shares traded hands during trading, an increase of 85% from the average session volume of 13,053,952 shares. The stock had previously closed at GBX 427.60.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Jefferies Financial Group restated a “hold” rating and set a GBX 405 target price on shares of Playtech in a research report on Thursday, April 9th. Citigroup boosted their target price on Playtech from GBX 355 to GBX 400 and gave the company a “buy” rating in a research report on Monday, March 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Playtech from GBX 433 to GBX 390 and set a “buy” rating for the company in a research note on Friday, January 23rd.

Playtech Stock Up 0.7%

The company’s 50 day moving average price is GBX 359.37 and its two-hundred day moving average price is GBX 309.37. The company has a quick ratio of 1.09, a current ratio of 1.42 and a debt-to-equity ratio of 24.36. The stock has a market cap of £1.15 billion, a P/E ratio of 0.84, a P/E/G ratio of 1.28 and a beta of 0.63.

Playtech announced that its board has authorized a stock buyback plan on Friday, March 27th that authorizes the company to buyback 5,660,000 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Playtech Company Profile

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.