Playtika (NASDAQ:PLTK) Shares Down 5.4% - Here's Why

Key Points

• Playtika shares fell 5.4% to about $2.38 in mid-day trading, with trading volume roughly 95% below the average session volume.
• Analyst sentiment remains mixed: Playtika has an average “Hold” rating and a consensus price target of $4.11, despite recent price-target increases and a new “Buy” upgrade.
• The company has a market capitalization of approximately $883 million, while institutional investors and hedge funds own 11.94% of outstanding shares.

Playtika Holding Corp. (NASDAQ:PLTK - Get Free Report)'s stock price fell 5.4% during mid-day trading on Monday . The company traded as low as $2.39 and last traded at $2.3750. Approximately 85,154 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,627,242 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

Several equities analysts have weighed in on PLTK shares. Wall Street Zen upgraded Playtika from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. The Goldman Sachs Group set a $3.75 price objective on Playtika in a research note on Friday, August 7th. TD Cowen restated a "buy" rating on shares of Playtika in a report on Tuesday, June 9th. Wedbush increased their price target on Playtika from $3.00 to $4.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Roth Capital lifted their price target on shares of Playtika from $3.00 to $3.50 and gave the company a "neutral" rating in a research 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 issued a Sell rating to the company. According to data from MarketBeat, Playtika currently has an average rating of "Hold" and an average price target of $4.11.

Playtika Price Performance

The firm has a market cap of $882.99 million, a P/E ratio of -3.17 and a beta of 1.09. The stock's 50 day moving average is $3.60 and its two-hundred day moving average is $3.39.

Hedge Funds Weigh In On Playtika

A number of hedge funds have recently modified their holdings of PLTK. Kestra Advisory Services LLC acquired a new stake in Playtika in the 4th quarter valued at $32,000. Comerica Bank raised its stake in Playtika by 278.9% during the fourth quarter. Comerica Bank now owns 9,108 shares of the company's stock worth $36,000 after acquiring an additional 6,704 shares in the last quarter. Independent Financial Group LLC acquired a new position in Playtika during the first quarter worth $28,000. ProShare Advisors LLC bought a new position in shares of Playtika during the fourth quarter valued at $41,000. Finally, Keynote Financial Services LLC bought a new position in shares of Playtika during the fourth quarter valued at $41,000. 11.94% of the stock is owned by institutional investors and hedge funds.

About Playtika

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source