Playtech (LON:PTEC) Board of Directors Authorizes Stock Buyback Plan

Playtech (LON:PTEC) announced that its board has approved a share buyback program on Friday, March 27th, RTT News reports. The company plans to buyback 5,660,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Playtech Stock Up 2.1%

Playtech stock traded up GBX 6.50 during midday trading on Friday, reaching GBX 321. The stock had a trading volume of 6,407,210 shares, compared to its average volume of 14,694,535. The stock has a market capitalization of £906.73 million, a P/E ratio of 0.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The firm’s fifty day simple moving average is GBX 328.01 and its 200-day simple moving average is GBX 308.96. The company has a debt-to-equity ratio of 24.36, a quick ratio of 1.09 and a current ratio of 1.42. Playtech has a 1-year low of GBX 210 and a 1-year high of GBX 447.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft cut their price objective on Playtech from GBX 433 to GBX 390 and set a “buy” rating on the stock in a report on Friday, January 23rd.

About Playtech

Playtech plc, a technology company, provides gambling software, services, content, and platform technologies worldwide. The company offers technologies across various product verticals, including live casino, sports, bingo, virtual sports, and poker. It also owns the intellectual property rights and licenses the software; provides digital marketing and advertising, consulting and online technical support, data mining processing, turnkey, live game, and video stream services; and operates betting shops.