Investors Buy Shares of Activision Blizzard Inc. (ATVI) on Weakness
Traders bought shares of Activision Blizzard Inc. (NASDAQ:ATVI) on weakness during trading hours on Thursday. $66.37 million flowed into the stock on the tick-up and $48.26 million flowed out of the stock on the tick-down, for a money net flow of $18.11 million into the stock. Of all equities tracked, Activision Blizzard had the 16th highest net in-flow for the day. Activision Blizzard traded down ($0.26) for the day and closed at $41.85
ATVI has been the topic of a number of recent research reports. MKM Partners increased their target price on Activision Blizzard from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Tuesday, May 3rd. Piper Jaffray Cos. reissued a “buy” rating and issued a $39.00 price target on shares of Activision Blizzard in a research report on Thursday, March 31st. Vetr lowered Activision Blizzard from a “strong-buy” rating to a “buy” rating and set a $36.86 price target for the company. in a research report on Tuesday, March 29th. Stifel Nicolaus reissued a “buy” rating and issued a $40.00 price target (up from $35.00) on shares of Activision Blizzard in a research report on Wednesday, April 13th. Finally, Mizuho increased their price target on Activision Blizzard from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, May 6th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $40.11.
The stock’s 50 day moving average price is $39.15 and its 200 day moving average price is $35.37. The firm has a market capitalization of $31.15 billion and a PE ratio of 37.88.
Activision Blizzard (NASDAQ:ATVI) last posted its quarterly earnings data on Thursday, May 5th. The company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.11. During the same quarter last year, the firm posted $0.16 earnings per share. The firm had revenue of $908 million for the quarter, compared to analysts’ expectations of $812.14 million. Activision Blizzard’s quarterly revenue was up 29.2% on a year-over-year basis. Analysts forecast that Activision Blizzard Inc. will post $1.86 earnings per share for the current year.
In other news, COO Thomas Tippl sold 300,000 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $39.08, for a total value of $11,724,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen G. Wereb sold 71,775 shares of the company’s stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $37.56, for a total value of $2,695,869.00. Following the completion of the sale, the insider now owns 70,959 shares of the company’s stock, valued at $2,665,220.04. The disclosure for this sale can be found here.
Other large investors recently bought and sold shares of the company. Egerton Capital UK LLP raised its stake in Activision Blizzard by 22.8% in the fourth quarter. Egerton Capital UK LLP now owns 12,529,425 shares of the company’s stock worth $485,014,000 after buying an additional 2,323,012 shares during the period. Vanguard Group Inc. raised its stake in Activision Blizzard by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 29,617,952 shares of the company’s stock worth $1,146,510,000 after buying an additional 1,424,017 shares during the period. BBR Partners LLC bought a new stake in Activision Blizzard during the fourth quarter worth about $25,308,000. State of Tennessee Treasury Department raised its stake in Activision Blizzard by 620.5% in the fourth quarter. State of Tennessee Treasury Department now owns 555,509 shares of the company’s stock worth $21,504,000 after buying an additional 478,409 shares during the period. Finally, Navellier & Associates Inc bought a new stake in Activision Blizzard during the fourth quarter worth about $15,342,000.
Activision Blizzard, Inc is a developer and publisher of online, personal computer (PC), video game console, handheld, mobile and tablet games. The Company operates through Activision Publishing, Inc (Activision) and its subsidiaries, Blizzard Entertainment, Inc (Blizzard) and its subsidiaries, and Other segments.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.