Playtika (NASDAQ:PLTK) Price Target Raised to $4.00 at Wedbush

Key Points

• Wedbush raised Playtika’s price target from $3.00 to $4.00 while maintaining a “neutral” rating. Analysts overall have an average “Hold” rating and a consensus target price of $4.17.
• Playtika reported quarterly revenue of $744.7 million, exceeding estimates, but posted an adjusted loss of $0.15 per share versus expectations for $0.07 in earnings. Revenue increased 5.5% year over year, though profitability metrics remained negative.
• Shares opened at $4.00, up 0.3%, with a market capitalization of approximately $1.52 billion. Institutional investors increased their holdings, collectively owning 11.94% of the company.

Playtika (NASDAQ:PLTK - Get Free Report) had its price objective upped by equities researchers at Wedbush from $3.00 to $4.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock.

PLTK has been the topic of a number of other research reports. Weiss Ratings restated a "sell (d)" rating on shares of Playtika in a research note on Friday, May 29th. TD Cowen reiterated a "buy" rating on shares of Playtika in a research note on Tuesday, June 9th. Finally, Roth Capital boosted their target price on Playtika from $3.00 to $3.50 and gave the stock a "neutral" rating in a report on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.17.

Playtika Trading Up 0.3%

Shares of PLTK opened at $4.00 on Monday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -5.19 and a beta of 1.09. Playtika has a 1-year low of $2.64 and a 1-year high of $4.52. The company's fifty day simple moving average is $3.66 and its 200 day simple moving average is $3.42.

Playtika (NASDAQ:PLTK - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.22). The firm had revenue of $744.70 million during the quarter, compared to analyst estimates of $694.68 million. Playtika had a negative net margin of 10.54% and a negative return on equity of 67.46%. The business's revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.08 EPS. As a group, research analysts forecast that Playtika will post 0.64 earnings per share for the current year.

Institutional Investors Weigh In On Playtika

Institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in Playtika by 65.7% during the second quarter. AQR Capital Management LLC now owns 6,331,123 shares of the company's stock worth $29,630,000 after acquiring an additional 2,511,228 shares during the period. Jane Street Group LLC boosted its holdings in Playtika by 536.3% in the 1st quarter. Jane Street Group LLC now owns 1,354,552 shares of the company's stock valued at $7,003,000 after purchasing an additional 1,141,685 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Playtika by 20.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,972,998 shares of the company's stock valued at $15,455,000 after purchasing an additional 679,564 shares during the period. Qube Research & Technologies Ltd grew its position in shares of Playtika by 217.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 920,552 shares of the company's stock worth $3,581,000 after purchasing an additional 630,884 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Playtika by 19.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,708,556 shares of the company's stock worth $17,541,000 after purchasing an additional 595,494 shares during the period. Institutional investors own 11.94% of the company's stock.

Playtika Company Profile

Playtika Ltd. NASDAQ: PLTK is a leading developer and publisher of free-to-play mobile and social games. Established in 2010 and headquartered in Herzliya, Israel, the company has built a reputation for creating engaging, social casino and casual gaming experiences. Playtika's platform leverages data-driven analytics and in-game community features to drive player retention and monetization across multiple titles.

The company's diverse portfolio includes flagship social casino games such as Slotomania, Bingo Blitz and Caesars Casino, as well as skill-based and casual offerings like World Series of Poker and House of Fun.

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.