Playtika (NASDAQ:PLTK) Stock Jumps 7.1% – Here’s Why

Playtika Holding Corp. (NASDAQ:PLTK)’s stock price shot up 7.1% during trading on Thursday. The stock traded as high as $2.14 and last traded at $2.1950. 78,517 shares were traded during trading, a decline of 95% from the average session volume of 1,547,586 shares. The stock had previously closed at $2.05.

Analysts Set New Price Targets

Several equities analysts have issued reports on PLTK shares. Weiss Ratings restated a “sell (d)” rating on shares of Playtika in a research report on Wednesday, August 26th. Wall Street Zen downgraded shares of Playtika from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Roth Capital cut their price target 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. The Goldman Sachs Group set a $3.75 price objective on shares of Playtika in a research note on Friday, August 7th. Finally, Citigroup reduced their price objective on shares of Playtika from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.67.

Playtika Stock Performance

The firm’s fifty day simple moving average is $2.33 and its 200-day simple moving average is $3.12. The stock has a market cap of $833.40 million, a P/E ratio of -2.99 and a beta of 1.07.

Institutional Trading of 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 about $2,554,000. Bank of New York Mellon Corp bought a new position in Playtika in the 2nd quarter valued at about $946,000. Callan Family Office LLC bought a new position in Playtika in the 2nd quarter valued at about $70,000. Finally, Virtus Advisers LLC acquired a new position in Playtika during the 2nd quarter valued at about $260,000. Institutional investors own 11.94% of the company’s stock.

About Playtika

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

The company’s portfolio has included titles such as Slotomania, Caesars Slots, Bingo Blitz, House of Fun, June’s Journey, Board Kings, and World Series of Poker. Playtika uses data analytics, live-operations capabilities, and ongoing content updates to manage player engagement and extend the life of its games.

Founded in 2010, Playtika is headquartered in Israel and serves players internationally through mobile applications and online platforms.