Playtika (NASDAQ:PLTK) Stock Falls 4.9% on Insider Selling

Shares of Playtika Holding Corp. (NASDAQ:PLTK) were down 4.9% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $2.58 and last traded at $2.5950. 789,162 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 1,550,663 shares. The stock had previously closed at $2.73.

Specifically, CTO Uri Rubin sold 220,000 shares of the stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $2.52, for a total transaction of $554,400.00. Following the transaction, the chief technology officer owned 489,352 shares in the company, valued at $1,233,167.04. This represents a 31.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

PLTK has been the topic of several analyst reports. Wall Street Zen lowered Playtika from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Morgan Stanley set a $4.25 price target on Playtika in a research note on Monday, August 10th. The Goldman Sachs Group set a $3.75 price objective on shares of Playtika in a research report on Friday, August 7th. Citigroup reduced their price objective on shares of Playtika from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, October 29th. Finally, Roth Capital decreased their target price on shares of Playtika from $3.50 to $2.75 and set a “neutral” rating on the stock in a report on Monday, August 31st. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.35.

Playtika Price Performance

The stock has a 50-day simple moving average of $2.20 and a 200-day simple moving average of $3.04. The stock has a market cap of $993.03 million, a P/E ratio of -3.55 and a beta of 1.08.

Playtika (NASDAQ:PLTK) last issued its earnings results on Thursday, November 5th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.22 by $0.10. The firm had revenue of $673.80 million during the quarter, compared to the consensus estimate of $666.98 million. Playtika had a negative return on equity of 67.84% and a negative net margin of 9.84%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.11 earnings per share. As a group, sell-side analysts forecast that Playtika Holding Corp. will post 0.46 earnings per share for the current year.

Institutional Investors Weigh In On Playtika

A number of hedge funds and other institutional investors have recently bought and sold shares of PLTK. BlackRock Inc. bought a new stake in shares of Playtika during the second quarter worth about $22,230,000. Man Group plc bought a new position in Playtika in the 2nd quarter valued at approximately $2,554,000. Bank of New York Mellon Corp bought a new position in Playtika in the 2nd quarter valued at approximately $946,000. Deutsche Bank AG acquired a new stake in Playtika during the 2nd quarter worth approximately $205,000. Finally, Hsbc Holdings PLC acquired a new stake in Playtika during the 2nd quarter worth approximately $219,000. Institutional investors own 11.94% of the company’s stock.

About Playtika

Playtika Holding Corp. develops and publishes free-to-play mobile games, with a focus on social casino and casual gaming. Its games are available on mobile devices and online, and generate revenue primarily through in-game purchases and advertising. Its portfolio includes titles such as Slotomania, Caesars Slots, Bingo Blitz and June’s Journey. Playtika was founded in 2010 and has expanded its portfolio through acquisitions, including the 2018 purchase of German game developer Wooga. Founded in Israel, Playtika serves players in markets around the world.