Playtech (LON:PTEC) Trading Up 6.3% – What’s Next?

Playtech plc (LON:PTEC)’s stock price traded up 6.3% on Thursday . The company traded as high as GBX 365 and last traded at GBX 355.06. 1,202,800 shares changed hands during trading, a decline of 91% from the average session volume of 14,017,444 shares. The stock had previously closed at GBX 334.

Wall Street Analysts Forecast Growth

PTEC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Playtech from GBX 433 to GBX 390 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Citigroup increased their price objective on shares of Playtech from GBX 355 to GBX 400 and gave the stock a “buy” rating in a research note on Monday, March 30th.

Playtech Price Performance

The company has a market capitalization of £1.04 billion, a price-to-earnings ratio of 0.64, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09. The business has a fifty day moving average price of GBX 336.10 and a 200 day moving average price of GBX 307.52.

Playtech declared that its Board of Directors has initiated a share buyback plan on Friday, March 27th that authorizes the company to repurchase 5,660,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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.