Playtech (LON:PTEC) Stock Price Down 22.5% – Time to Sell?

Shares of Playtech plc (LON:PTEC) fell 22.5% during trading on Wednesday . The company traded as low as GBX 210 ($2.81) and last traded at GBX 266.50 ($3.56). 8,431,737 shares were traded during mid-day trading, an increase of 311% from the average session volume of 2,052,740 shares. The stock had previously closed at GBX 344 ($4.60).

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PTEC. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Playtech from GBX 417 to GBX 433 and gave the stock a “buy” rating in a research report on Thursday, September 11th. Peel Hunt reissued a “buy” rating and issued a GBX 510 price objective on shares of Playtech in a research report on Friday, August 1st. Finally, Jefferies Financial Group boosted their price objective on shares of Playtech from GBX 395 to GBX 405 and gave the stock a “buy” rating in a research report on Friday, October 17th.

Playtech Price Performance

The company has a debt-to-equity ratio of 40.06, a current ratio of 1.55 and a quick ratio of 1.09. The company’s 50-day simple moving average is GBX 379.31 and its 200-day simple moving average is GBX 433.06. The stock has a market capitalization of £865.92 million, a P/E ratio of 0.49, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26.

Playtech declared that its board has approved a stock buyback plan on Thursday, September 25th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Playtech Company Profile

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.