Playtika (NASDAQ:PLTK) Shares Up 13.1% Following Better-Than-Expected Earnings

Playtika Holding Corp. (NASDAQ:PLTK)’s stock price was up 13.1% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $2.50 and last traded at $2.3980. Approximately 480,286 shares traded hands during trading, a decline of 69% from the average session volume of 1,527,095 shares. The stock had previously closed at $2.12.

The company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.10. Playtika had a negative return on equity of 65.82% and a negative net margin of 9.89%. The company had revenue of $673.80 million for the quarter, compared to analysts’ expectations of $666.98 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. Playtika’s quarterly revenue was down .1% on a year-over-year basis.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLTK. Morgan Stanley set a $4.25 target price on shares of Playtika in a research report on Monday, August 10th. Wall Street Zen cut shares of Playtika from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Roth Capital dropped their target price on Playtika from $3.50 to $2.75 and set a “neutral” rating for the company in a report on Monday, August 31st. The Goldman Sachs Group set a $3.75 price target on Playtika in a report on Friday, August 7th. Finally, Citigroup dropped their target price on shares of Playtika from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Thursday, October 29th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $3.55.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Playtika during the 2nd quarter valued at $22,230,000. Man Group plc purchased a new position in shares of Playtika in the second quarter worth approximately $2,554,000. Bank of New York Mellon Corp purchased a new stake in Playtika in the second quarter worth about $946,000. Ieq Capital LLC bought a new position in Playtika in the 2nd quarter worth $121,000. Finally, Callan Family Office LLC bought a new position in Playtika in the 2nd quarter worth approximately $70,000. Institutional investors own 11.94% of the company’s stock.

Playtika Stock Up 15.3%

The company’s 50 day moving average is $2.19 and its two-hundred day moving average is $3.06. The company has a market capitalization of $932.57 million, a PE ratio of -3.35 and a beta of 1.08.

About Playtika

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

Playtika’s portfolio has included widely recognized titles such as Slotomania, Bingo Blitz, House of Fun, Caesars Slots, and World Series of Poker. The company uses data analytics, live-operations capabilities, and ongoing content updates to engage players and support the long-term performance of its games.

Founded in 2010, Playtika initially helped pioneer free-to-play social casino gaming on social networks and later expanded into mobile platforms.