Playtech (LON:PTEC) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Playtech's share price crossed above its 200-day moving average (GBX 311.34), trading as high as GBX 405.80 and last at GBX 391 on volume of 1,154,364 shares.
• Analysts updated forecasts: Deutsche Bank cut its target to GBX 390 (buy), Citigroup raised its target to GBX 400 (buy), and Jefferies reaffirmed a GBX 405 target (hold).
• The Board approved a 5,660,000-share buyback, signaling management may view the stock as undervalued; Playtech has a market cap of £1.10bn and a PE of 0.80.

Playtech plc (LON:PTEC - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 311.34 and traded as high as GBX 405.80. Playtech shares last traded at GBX 391, with a volume of 1,154,364 shares.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Playtech from GBX 433 to GBX 390 and set a "buy" rating on the stock in a report on Friday, January 23rd. Citigroup raised their price target on Playtech from GBX 355 to GBX 400 and gave the stock a "buy" rating in a research note on Monday, March 30th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and issued a GBX 405 price target on shares of Playtech in a research note on Thursday, April 9th.

Playtech Price Performance

The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09. The firm has a market cap of £1.10 billion, a PE ratio of 0.80, a price-to-earnings-growth ratio of 1.28 and a beta of 0.63. The firm has a 50-day simple moving average of GBX 366.87 and a 200 day simple moving average of GBX 311.34.

Playtech declared that its Board of Directors has approved a stock repurchase plan on Friday, March 27th that permits the company to buyback 5,660,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.