Playtech (LON:PTEC) Stock Price Down 28.9% - Here's What Happened

Key Points

• Playtech's stock plummeted by 28.9%, closing at GBX 244.50 ($3.28), with a notable increase in trading volume to approximately 6.56 million shares.
• Despite the recent stock decline, several analysts have issued "buy" ratings and raised their price targets, indicating optimism about the company's future performance.
• Playtech has initiated a stock repurchase program, signaling management's belief that its shares are undervalued in the market.

Playtech plc (LON:PTEC - Get Free Report) shares dropped 28.9% on Tuesday . The company traded as low as GBX 244.50 ($3.28) and last traded at GBX 244.50 ($3.28). Approximately 6,558,148 shares changed hands during trading, an increase of 221% from the average daily volume of 2,043,556 shares. The stock had previously closed at GBX 344 ($4.61).

Wall Street Analysts Forecast Growth

PTEC has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of Playtech from GBX 395 to GBX 405 and gave the company a "buy" rating in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Playtech from GBX 417 to GBX 433 and gave the company a "buy" rating in a report on Thursday, September 11th. Finally, Peel Hunt restated a "buy" rating and issued a GBX 510 price target on shares of Playtech in a report on Friday, August 1st.

Playtech Stock Performance

The stock has a market cap of £767.07 million, a P/E ratio of 0.43, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. 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's 50 day moving average is GBX 382.68 and its 200 day moving average is GBX 434.23.

Playtech announced that its board has authorized a stock repurchase program on Thursday, September 25th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication 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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