Playtech (LON:PTEC) Board of Directors Approves Stock Buyback Plan

Key Points

• Playtech has approved a new stock buyback plan, signaling the board's belief that its shares may be undervalued.
• Following the announcement, Playtech's stock increased by 1.8%, reaching a price of GBX 365.12, with a trading volume of 873,694 shares.
• Analysts have set new price targets for Playtech, with Peel Hunt maintaining a "buy" rating and a target of GBX 510, while Deutsche Bank raised their target from GBX 417 to GBX 433.

Playtech (LON:PTEC - Get Free Report) announced that its board has approved a share buyback plan on Thursday, September 25th, RTT News reports. The company plans to repurchase 0 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Playtech Stock Up 1.8%

Shares of PTEC stock traded up GBX 6.62 on Thursday, hitting GBX 365.12. The stock had a trading volume of 873,694 shares, compared to its average volume of 2,136,989. Playtech has a 12-month low of GBX 250.80 and a 12-month high of GBX 447. The business has a 50 day moving average of GBX 400.93 and a 200 day moving average of GBX 481.40. The company has a debt-to-equity ratio of 40.06, a current ratio of 1.55 and a quick ratio of 1.09. The stock has a market cap of £1.12 billion, a price-to-earnings ratio of 509.23, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26.

Analysts Set New Price Targets

A number of research firms have recently commented on PTEC. Peel Hunt reaffirmed a "buy" rating and issued a GBX 510 price objective on shares of Playtech in a research note on Friday, August 1st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Playtech from GBX 417 to GBX 433 and gave the company a "buy" rating in a research report on Thursday, September 11th.

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.

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