Playtika (NASDAQ:PLTK) Reaches New 1-Year Low Following Analyst Downgrade

Key Points

• Playtika shares hit a new 52-week low, falling to $1.96 after Citigroup cut its price target from $3.50 to $3.00, though it maintained a Buy rating.
• Analyst sentiment is mixed: the stock has a consensus Hold rating and a $3.58 average price target, with ratings spanning Buy, Hold, and Sell.
• Institutional investors increased exposure during the second quarter, led by BlackRock’s approximately $22.2 million new stake; institutions collectively own 11.94% of Playtika.

Playtika Holding Corp. (NASDAQ:PLTK - Get Free Report) shares hit a new 52-week low on Thursday after Citigroup lowered their price target on the stock from $3.50 to $3.00. Citigroup currently has a buy rating on the stock. Playtika traded as low as $1.96 and last traded at $1.9650, with a volume of 665,332 shares changing hands. The stock had previously closed at $2.04.

PLTK has been the topic of several other reports. Wedbush raised their target price on Playtika from $3.00 to $4.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Roth Capital lowered their price objective on shares of Playtika from $3.50 to $2.75 and set a "neutral" rating on the stock in a research note on Monday, August 31st. Weiss Ratings reiterated a "sell (d)" rating on shares of Playtika in a research note on Wednesday, August 26th. The Goldman Sachs Group set a $3.75 price objective on shares of Playtika in a report on Friday, August 7th. Finally, Morgan Stanley set a $4.25 target price on shares of Playtika in a research report on Monday, August 10th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $3.58.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Playtika during the 2nd quarter valued at approximately $22,230,000. Man Group plc purchased a new position in shares of Playtika in the second quarter worth $2,554,000. Tidal Investments LLC boosted its position in shares of Playtika by 153.0% during the second quarter. Tidal Investments LLC now owns 353,984 shares of the company's stock worth $1,317,000 after acquiring an additional 214,093 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Playtika during the second quarter worth $946,000. Finally, Public Employees Retirement System of Ohio grew its stake in Playtika by 62.7% during the second quarter. Public Employees Retirement System of Ohio now owns 165,394 shares of the company's stock valued at $615,000 after acquiring an additional 63,717 shares in the last quarter. Hedge funds and other institutional investors own 11.94% of the company's stock.

Playtika Stock Performance

The company has a market capitalization of $751.39 million, a P/E ratio of -2.70 and a beta of 1.07. The business's fifty day simple moving average is $2.22 and its 200-day simple moving average is $3.10.

Playtika Company Profile

Playtika Holding Corp. is a digital entertainment company that develops and operates free-to-play mobile and web games. Its business focuses on social casino, casual, and other interactive gaming experiences that generate revenue through in-game purchases and advertising.

Playtika's portfolio has included widely recognized titles such as Slotomania, Bingo Blitz, House of Fun, Caesars Slots, and World Series of Poker. The company uses data analytics, live-operations capabilities, and ongoing content updates to engage players and support the long-term performance of its games.

Founded in 2010, Playtika initially helped pioneer free-to-play social casino gaming on social networks and later expanded into mobile platforms.

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