Playtech (LON:PTEC) Board of Directors Authorizes Stock Repurchase Plan

Key Points

• The Board authorized a stock repurchase plan to buy back 5,660,000 shares via open‑market purchases, a move that typically signals management believes the stock is undervalued.
• Deutsche Bank cut its price target from GBX 433 to GBX 390 on January 23 but kept a "buy" rating on the stock.
• Shares recently traded at GBX 321 with a market cap of £906.7m, a 52‑week range of GBX 210–447 and a reported PE ratio of 0.55, indicating a very low valuation on current earnings.

Playtech (LON:PTEC - Get Free Report) announced that its Board of Directors has authorized a stock repurchase plan on Friday, March 27th, RTT News reports. The company plans to buyback 5,660,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Playtech from GBX 433 to GBX 390 and set a "buy" rating for the company in a report on Friday, January 23rd.

Playtech Price Performance

Shares of LON PTEC traded up GBX 6.50 during trading on Friday, reaching GBX 321. The company had a trading volume of 6,407,210 shares, compared to its average volume of 14,694,535. Playtech has a 52 week low of GBX 210 and a 52 week high of GBX 447. The business's 50 day moving average price is GBX 328.01 and its 200-day moving average price is GBX 308.96. The stock has a market cap of £906.73 million, a PE ratio of 0.55, a PEG ratio of 1.28 and a beta of 0.64. The company has a debt-to-equity ratio of 24.36, a quick ratio of 1.09 and a current ratio of 1.42.

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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