Stock Traders Purchase Large Volume of Activision Blizzard Put Options (ATVI)
Activision Blizzard, Inc (NASDAQ:ATVI) was the recipient of some unusual options trading activity on Thursday. Stock investors purchased 32,146 put options on the stock. This represents an increase of 656% compared to the typical daily volume of 4,253 put options.
A number of analysts have issued reports on the stock. Wedbush set a $63.00 price target on shares of Activision Blizzard and gave the stock a “buy” rating in a research note on Saturday, May 6th. UBS AG reiterated a “buy” rating and set a $60.00 price target (up from $57.00) on shares of Activision Blizzard in a research note on Friday, May 5th. Bank of America Corporation upgraded shares of Activision Blizzard from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $35.12 to $64.06 in a research note on Friday. Piper Jaffray Companies reiterated an “overweight” rating and set a $65.00 price target (up from $60.00) on shares of Activision Blizzard in a research note on Wednesday, July 26th. Finally, Benchmark Co. boosted their price target on shares of Activision Blizzard from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company’s stock. Activision Blizzard has a consensus rating of “Buy” and an average price target of $60.33.
In related news, CEO of King Digital Riccardo Zacconi sold 19,761 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $55.45, for a total value of $1,095,747.45. Following the sale, the insider now directly owns 55,509 shares in the company, valued at approximately $3,077,974.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.12% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Activision Blizzard by 3,032.9% in the first quarter. BlackRock Inc. now owns 48,912,065 shares of the company’s stock worth $2,438,753,000 after buying an additional 47,350,818 shares in the last quarter. Jennison Associates LLC raised its position in Activision Blizzard by 110,271.4% in the first quarter. Jennison Associates LLC now owns 12,179,488 shares of the company’s stock worth $607,269,000 after buying an additional 12,168,453 shares in the last quarter. Egerton Capital UK LLP raised its position in Activision Blizzard by 225.7% in the first quarter. Egerton Capital UK LLP now owns 12,219,008 shares of the company’s stock worth $609,240,000 after buying an additional 8,467,902 shares in the last quarter. Caxton Associates LP bought a new position in Activision Blizzard during the first quarter worth about $149,610,000. Finally, Iridian Asset Management LLC CT bought a new position in Activision Blizzard during the first quarter worth about $148,547,000. Institutional investors and hedge funds own 87.37% of the company’s stock.
Activision Blizzard (ATVI) opened at 62.51 on Tuesday. Activision Blizzard has a one year low of $35.12 and a one year high of $63.19. The company has a 50-day moving average price of $59.80 and a 200-day moving average price of $52.00. The firm has a market capitalization of $47.11 billion, a P/E ratio of 45.86 and a beta of 1.07.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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