Citigroup Issues Positive Forecast for Playtech (LON:PTEC) Stock Price

Playtech (LON:PTEC) had its target price lifted by equities researchers at Citigroup from GBX 355 to GBX 400 in a research note issued on Monday,London Stock Exchange reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 22.70% from the stock’s current price.

Separately, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Playtech from GBX 433 to GBX 390 and set a “buy” rating for the company in a research note on Friday, January 23rd.

Playtech Stock Up 1.9%

Shares of PTEC stock opened at GBX 326 on Monday. Playtech has a one year low of GBX 210 and a one year high of GBX 447. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09. The stock has a fifty day moving average price of GBX 328.01 and a 200 day moving average price of GBX 307.71. The stock has a market cap of £920.86 million, a P/E ratio of 0.56, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64.

Playtech announced that its board has authorized a stock buyback program on Friday, March 27th that permits the company to repurchase 5,660,000 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

About Playtech

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.