Playtika (NASDAQ:PLTK) Shares Up 7.1% - Here's Why

Key Points

• Playtika shares rose 7.1% to about $2.20, although trading volume was roughly 95% below the average session volume.
• Analyst sentiment remains mixed but leans neutral: Playtika has an average “Hold” rating and an average price target of $3.67, with targets ranging from $2.75 to $4.00.
• Several institutional investors increased or initiated positions, including BlackRock, Man Group, Tidal Investments, Bank of New York Mellon, and Ohio’s public employees’ retirement system; institutions collectively own 11.94% of the company.

Playtika Holding Corp. (NASDAQ:PLTK - Get Free Report) shares shot up 7.1% on Thursday. The company traded as high as $2.14 and last traded at $2.1950. Approximately 78,517 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,547,586 shares. The stock had previously closed at $2.05.

Analyst Ratings Changes

Several brokerages have issued reports on PLTK. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Playtika in a report on Wednesday, August 26th. Wall Street Zen downgraded shares of Playtika from a "buy" rating to a "hold" rating in a report on Saturday, August 22nd. Wedbush upped their price target on shares of Playtika from $3.00 to $4.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. The Goldman Sachs Group set a $3.75 price target on shares of Playtika in a report on Friday, August 7th. Finally, Roth Capital lowered their price target on shares of Playtika from $3.50 to $2.75 and set a "neutral" rating on the stock in a report on Monday, August 31st. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $3.67.

Playtika Price Performance

The stock has a 50-day simple moving average of $2.33 and a 200-day simple moving average of $3.12. The stock has a market cap of $833.40 million, a P/E ratio of -2.99 and a beta of 1.07.

Hedge Funds Weigh In On Playtika

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Playtika during the 2nd quarter worth $22,230,000. Man Group plc bought a new position in Playtika in the second quarter valued at about $2,554,000. Tidal Investments LLC raised its position in Playtika by 153.0% in the second quarter. Tidal Investments LLC now owns 353,984 shares of the company's stock valued at $1,317,000 after purchasing an additional 214,093 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Playtika during the second quarter valued at about $946,000. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Playtika by 62.7% during the second quarter. Public Employees Retirement System of Ohio now owns 165,394 shares of the company's stock worth $615,000 after purchasing an additional 63,717 shares during the last quarter. Institutional investors own 11.94% of the company's stock.

About Playtika

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

The company's portfolio has included titles such as Slotomania, Caesars Slots, Bingo Blitz, House of Fun, June's Journey, Board Kings, and World Series of Poker. Playtika uses data analytics, live-operations capabilities, and ongoing content updates to manage player engagement and extend the life of its games.

Founded in 2010, Playtika is headquartered in Israel and serves players internationally through mobile applications and online platforms.

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