Playtech (LON:PTEC) Stock Price Down 25.1% - Time to Sell?

Key Points

• Playtech shares fell sharply by 25.1% during trading, closing at GBX 257.50 ($3.45) after hitting a low of GBX 210 ($2.82).
• Despite the stock's recent decline, several analysts have maintained a "buy" rating and adjusted target prices, with Jefferies raising its target to GBX 405.
• Playtech's board has approved a stock repurchase plan, indicating an effort to buy back shares, which generally suggests confidence in the company's valuation.

Playtech plc (LON:PTEC - Get Free Report) shares traded down 25.1% during mid-day trading on Tuesday . The stock traded as low as GBX 210 ($2.82) and last traded at GBX 257.50 ($3.45). 30,412,787 shares changed hands during trading, an increase of 1,308% from the average session volume of 2,160,491 shares. The stock had previously closed at GBX 344 ($4.61).

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group increased their target price on Playtech from GBX 395 to GBX 405 and gave the stock a "buy" rating in a research note on Friday. Peel Hunt reissued a "buy" rating and set a GBX 510 target price on shares of Playtech in a research note on Friday, August 1st. Finally, 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.

Playtech Stock Down 22.5%

The business has a 50-day simple moving average of GBX 382.68 and a two-hundred day simple moving average of 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 company has a market capitalization of £816.88 million, a price-to-earnings ratio of 0.46, a PEG ratio of 1.28 and a beta of 1.26.

Playtech announced that its board has approved a stock repurchase plan on Thursday, September 25th that allows the company to repurchase 0 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are 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.

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