Playtech (LON:PTEC) Share Price Passes Below Two Hundred Day Moving Average - What's Next?

Key Points

• Playtech's share price dropped below its 200-day moving average, trading as low as GBX 359, compared to a moving average of GBX 459.76.
• Brokerages like Deutsche Bank and Peel Hunt have recently expressed a positive outlook on Playtech, raising price targets and maintaining "buy" ratings.
• Playtech's board has authorized a share repurchase plan, which often indicates that the management believes the company's stock is undervalued.

Shares of Playtech plc (LON:PTEC - Get Free Report) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 459.76 ($6.20) and traded as low as GBX 359 ($4.84). Playtech shares last traded at GBX 361.03 ($4.87), with a volume of 443,489 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PTEC. Deutsche Bank Aktiengesellschaft upped their price target on Playtech from GBX 417 to GBX 433 and gave the stock a "buy" rating in a report on Thursday, September 11th. Peel Hunt reiterated a "buy" rating and issued a GBX 510 target price on shares of Playtech in a research note on Friday, August 1st.

Playtech Price Performance

The stock has a market cap of £1.10 billion, a P/E ratio of 61.48, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. The company has a quick ratio of 1.09, a current ratio of 1.55 and a debt-to-equity ratio of 40.06. The business's 50-day simple moving average is GBX 397.36 and its two-hundred day simple moving average is GBX 459.76.

Playtech declared that its board has authorized a share repurchase plan on Thursday, September 25th that allows the company to repurchase 0 shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

About Playtech

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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