Investors Buy Shares of Activision Blizzard (ATVI) on Weakness
Investors bought shares of Activision Blizzard, Inc. (NASDAQ:ATVI) on weakness during trading on Thursday. $89.55 million flowed into the stock on the tick-up and $57.74 million flowed out of the stock on the tick-down, for a money net flow of $31.81 million into the stock. Of all equities tracked, Activision Blizzard had the 29th highest net in-flow for the day. Activision Blizzard traded down ($0.56) for the day and closed at $69.80
A number of equities analysts have weighed in on ATVI shares. Vetr upgraded shares of Activision Blizzard from a “hold” rating to a “buy” rating and set a $64.25 price objective for the company in a research report on Wednesday, September 27th. Barclays started coverage on shares of Activision Blizzard in a research report on Wednesday, October 4th. They set an “equal weight” rating and a $65.00 price objective for the company. Zacks Investment Research cut shares of Activision Blizzard from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. Jefferies Group restated a “buy” rating and set a $78.00 price objective on shares of Activision Blizzard in a research report on Sunday, October 8th. Finally, Cowen cut shares of Activision Blizzard from an “outperform” rating to a “market perform” rating and set a $66.00 price objective for the company. in a research report on Monday, October 9th. Seven research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Activision Blizzard presently has an average rating of “Buy” and an average target price of $70.04.
The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.22 and a current ratio of 2.25. The firm has a market capitalization of $53,950.00, a price-to-earnings ratio of 48.34, a PEG ratio of 2.05 and a beta of 1.02.
In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of the stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $63.64, for a total transaction of $1,257,590.04. Following the completion of the transaction, the chief executive officer now owns 41,435 shares of the company’s stock, valued at $2,636,923.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.12% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Cornerstone Advisors Inc. boosted its stake in Activision Blizzard by 321.5% during the third quarter. Cornerstone Advisors Inc. now owns 1,547 shares of the company’s stock worth $100,000 after buying an additional 1,180 shares during the period. Grove Bank & Trust boosted its stake in Activision Blizzard by 261.7% during the third quarter. Grove Bank & Trust now owns 2,170 shares of the company’s stock worth $140,000 after buying an additional 1,570 shares during the period. Phocas Financial Corp. purchased a new position in shares of Activision Blizzard in the second quarter valued at approximately $173,000. Chicago Equity Partners LLC purchased a new position in shares of Activision Blizzard in the third quarter valued at approximately $204,000. Finally, Tiedemann Wealth Management LLC purchased a new position in shares of Activision Blizzard in the third quarter valued at approximately $213,000. 86.49% of the stock is owned by institutional investors.
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About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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