Arrowstreet Capital Limited Partnership Cuts Stock Holdings in Playtika Holding Corp. $PLTK

Key Points

• Arrowstreet Capital cut its Playtika stake by 64.5% in the first quarter, selling 2.45 million shares and retaining 1.34 million shares worth approximately $3.74 million. Institutional investors collectively own 11.94% of the company.
• Analyst sentiment remains mixed, with two Buy, four Hold and one Sell rating. The consensus rating is Hold, with an average price target of $4.17; recent targets range from $3.50 to $4.00.
• Playtika shares opened at $4.06, near the upper end of their $2.64–$4.52 yearly range. Its latest quarter showed revenue growth of 5.5% to $744.7 million, but the company missed earnings expectations and reported a $0.15 loss per share.

Arrowstreet Capital Limited Partnership reduced its stake in shares of Playtika Holding Corp. (NASDAQ:PLTK - Free Report) by 64.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,344,745 shares of the company's stock after selling 2,446,089 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.35% of Playtika worth $3,738,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Denali Advisors LLC boosted its stake in shares of Playtika by 44.0% during the fourth quarter. Denali Advisors LLC now owns 1,112,314 shares of the company's stock valued at $4,394,000 after purchasing an additional 340,100 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Playtika by 1,072.7% in the second quarter. BNP Paribas Financial Markets now owns 360,695 shares of the company's stock worth $1,706,000 after buying an additional 329,937 shares during the period. BTG Pactual Asset Management US LLC bought a new stake in Playtika during the 2nd quarter valued at $64,000. Brevan Howard Capital Management LP raised its holdings in Playtika by 16.7% during the 2nd quarter. Brevan Howard Capital Management LP now owns 146,565 shares of the company's stock valued at $693,000 after buying an additional 20,947 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Playtika by 15.0% during the 2nd quarter. Bank of America Corp DE now owns 1,085,545 shares of the company's stock valued at $5,135,000 after buying an additional 141,315 shares during the period. Hedge funds and other institutional investors own 11.94% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on PLTK. Roth Capital raised their price target on shares of Playtika from $3.00 to $3.50 and gave the stock a "neutral" rating in a report on Wednesday, May 27th. TD Cowen reaffirmed a "buy" rating on shares of Playtika in a research note on Tuesday, June 9th. Wedbush increased their target price on shares of Playtika from $3.00 to $4.00 and gave the stock a "neutral" rating in a report on Monday. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Playtika in a research note on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $4.17.

Playtika Price Performance

Shares of PLTK opened at $4.06 on Tuesday. Playtika Holding Corp. has a one year low of $2.64 and a one year high of $4.52. The company has a 50-day simple moving average of $3.67 and a two-hundred day simple moving average of $3.43. The firm has a market capitalization of $1.54 billion, a PE ratio of -5.27 and a beta of 1.09.

Playtika (NASDAQ:PLTK - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.22). The firm had revenue of $744.70 million for the quarter, compared to the consensus estimate of $694.68 million. Playtika had a negative net margin of 10.54% and a negative return on equity of 67.46%. The business's revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 earnings per share. Analysts expect that Playtika Holding Corp. will post 0.64 EPS for the current fiscal year.

About Playtika

Playtika Ltd. NASDAQ: PLTK is a leading developer and publisher of free-to-play mobile and social games. Established in 2010 and headquartered in Herzliya, Israel, the company has built a reputation for creating engaging, social casino and casual gaming experiences. Playtika's platform leverages data-driven analytics and in-game community features to drive player retention and monetization across multiple titles.

The company's diverse portfolio includes flagship social casino games such as Slotomania, Bingo Blitz and Caesars Casino, as well as skill-based and casual offerings like World Series of Poker and House of Fun.

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