Playtika (NASDAQ:PLTK) Stock Gets Price Target Trim from Citigroup

Key Points

• Citigroup cut Playtika’s price target from $3.50 to $3.00 but maintained a “buy” rating, implying approximately 52.67% upside from the stock’s $1.97 price.
• Analyst sentiment remains mixed: Playtika has a consensus “hold” rating from six analysts, with an average price target of $3.58.
• Shares fell 3.7% during Thursday trading and remain near their 52-week low of $1.96; institutional investors own 11.94% of the company.

Playtika (NASDAQ:PLTK - Get Free Report) had its price target cut by analysts at Citigroup from $3.50 to $3.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price objective suggests a potential upside of 52.67% from the stock's current price.

Several other equities research analysts also recently weighed in on the stock. Roth Capital decreased their target price on shares of Playtika from $3.50 to $2.75 and set a "neutral" rating for the company in a research note on Monday, August 31st. Wedbush boosted their price target on Playtika from $3.00 to $4.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. The Goldman Sachs Group set a $3.75 price target on Playtika in a report on Friday, August 7th. Wall Street Zen cut shares of Playtika from a "buy" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Morgan Stanley set a $4.25 price objective on shares of Playtika in a research report on Monday, August 10th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Playtika presently has a consensus rating of "Hold" and an average target price of $3.58.

Playtika Stock Down 3.7%

NASDAQ:PLTK traded down $0.07 during mid-day trading on Thursday, reaching $1.97. 634,123 shares of the stock were exchanged, compared to its average volume of 1,535,977. The stock has a market capitalization of $749.49 million, a P/E ratio of -2.69 and a beta of 1.07. Playtika has a 1 year low of $1.96 and a 1 year high of $4.42. The company has a 50 day simple moving average of $2.22 and a 200-day simple moving average of $3.10.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Playtika during the 3rd quarter worth $52,000. International Assets Investment Management LLC boosted its holdings in Playtika by 1,170.3% in the third quarter. International Assets Investment Management LLC now owns 152,651 shares of the company's stock valued at $327,000 after acquiring an additional 140,634 shares during the last quarter. SummerHaven Investment Management LLC acquired a new position in Playtika in the third quarter valued at $217,000. Williams & Novak Wealth Management LLC boosted its holdings in Playtika by 12.0% in the third quarter. Williams & Novak Wealth Management LLC now owns 110,035 shares of the company's stock valued at $235,000 after acquiring an additional 11,830 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Playtika by 153.0% during the second quarter. Tidal Investments LLC now owns 353,984 shares of the company's stock valued at $1,317,000 after acquiring an additional 214,093 shares during the period. Institutional investors and hedge funds own 11.94% of the company's stock.

About Playtika

Playtika Holding Corp. is a digital entertainment company that develops and operates free-to-play mobile and web games. Its business focuses on social casino, casual, and other interactive gaming experiences that generate revenue through in-game purchases and advertising.

Playtika's portfolio has included widely recognized titles such as Slotomania, Bingo Blitz, House of Fun, Caesars Slots, and World Series of Poker. The company uses data analytics, live-operations capabilities, and ongoing content updates to engage players and support the long-term performance of its games.

Founded in 2010, Playtika initially helped pioneer free-to-play social casino gaming on social networks and later expanded into mobile platforms.

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