Playtech (LON:PTEC) Shares Down 28.9% - Time to Sell?

Key Points

• Playtech shares fell 28.9% to GBX 244.50 ($3.28), marking a significant trading volume increase of 1,216% compared to its average daily trading volume.
• Despite the stock's decline, multiple analysts have upgraded their price targets for Playtech, with Jefferies Financial Group and Deutsche Bank both issuing "buy" ratings.
• The company's Board of Directors has approved a stock repurchase program, indicating belief in the stock's undervaluation.

Playtech plc (LON:PTEC - Get Free Report) shares dropped 28.9% on Tuesday . The company traded as low as GBX 210 ($2.82) and last traded at GBX 244.50 ($3.28). Approximately 28,284,787 shares were traded during mid-day trading, an increase of 1,216% from the average daily volume of 2,150,059 shares. The stock had previously closed at GBX 344 ($4.61).

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PTEC shares. Jefferies Financial Group lifted their price objective on Playtech from GBX 395 to GBX 405 and gave the stock a "buy" rating in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Playtech from GBX 417 to GBX 433 and gave the stock a "buy" rating in a research report on Thursday, September 11th. Finally, Peel Hunt reissued a "buy" rating and issued a GBX 510 price objective on shares of Playtech in a research note on Friday, August 1st.

Playtech Stock Performance

The company's fifty day moving average price is GBX 382.68 and its two-hundred day moving average price is GBX 434.23. The company has a debt-to-equity ratio of 40.06, a quick ratio of 1.09 and a current ratio of 1.55. The firm has a market capitalization of £749.45 million, a PE ratio of 0.42, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26.

Playtech declared that its Board of Directors has approved a stock repurchase program on Thursday, September 25th that authorizes the company to buyback 0 shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is 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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