Playtech (LON:PTEC) Upgraded by Citigroup to “Buy” Rating

Playtech (LON:PTEC) was upgraded by stock analysts at Citigroup to a “buy” rating in a research report issued on Friday,London Stock Exchange reports.

A number of other research firms have also commented on PTEC. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Playtech from GBX 443 to GBX 460 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 405 price target on shares of Playtech in a research note on Thursday.

Playtech Stock Performance

Shares of LON PTEC opened at GBX 380.40 on Friday. Playtech has a 52-week low of GBX 210 and a 52-week high of GBX 447. The stock has a market capitalization of £1.06 billion, a price-to-earnings ratio of 0.78, a PEG ratio of 1.28 and a beta of 0.64. The company has a quick ratio of 1.09, a current ratio of 1.42 and a debt-to-equity ratio of 24.36. The stock’s fifty day simple moving average is GBX 338.61 and its 200 day simple moving average is GBX 333.81.

Playtech announced that its board has initiated a share buyback plan on Friday, March 27th that allows the company to repurchase 5,660,000 outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Playtech news, insider Mor Weizer acquired 71,321 shares of Playtech stock in a transaction dated Wednesday, May 20th. The stock was bought at an average cost of GBX 375 per share, with a total value of £267,453.75. Also, insider Chris McGinnis purchased 27,080 shares of Playtech stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of GBX 372 per share, with a total value of £100,737.60. 0.82% of the stock is owned by insiders.

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.