Playtika (NASDAQ:PLTK) Reaches New 12-Month Low on Analyst Downgrade

Playtika Holding Corp. (NASDAQ:PLTK) reached a new 52-week low on Thursday after Citigroup lowered their price target on the stock from $3.50 to $3.00. Citigroup currently has a buy rating on the stock. Playtika traded as low as $1.96 and last traded at $1.9650, with a volume of 665,332 shares trading hands. The stock had previously closed at $2.04.

Other research analysts have also issued reports about the stock. Wedbush raised their target price on shares of Playtika from $3.00 to $4.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Playtika in a research report on Wednesday, August 26th. The Goldman Sachs Group set a $3.75 price objective on shares of Playtika in a research report on Friday, August 7th. Morgan Stanley set a $4.25 target price on shares of Playtika in a report on Monday, August 10th. Finally, Wall Street Zen downgraded shares of Playtika from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Playtika presently has an average rating of “Hold” and an average price target of $3.58.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Playtika during the second quarter valued at approximately $22,230,000. Man Group plc acquired a new position in Playtika during the 2nd quarter valued at about $2,554,000. Bank of New York Mellon Corp purchased a new stake in Playtika in the second quarter valued at about $946,000. Sanctuary Advisors LLC acquired a new stake in Playtika in the second quarter worth about $43,000. Finally, Quantbot Technologies LP acquired a new stake in Playtika in the second quarter worth about $97,000. 11.94% of the stock is owned by institutional investors.

Playtika Stock Down 3.4%

The firm has a market cap of $751.39 million, a PE ratio of -2.70 and a beta of 1.07. The stock has a 50 day moving average price of $2.22 and a two-hundred day moving average price of $3.10.

Playtika Company Profile

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

Playtika’s portfolio has included widely recognized titles such as Slotomania, Bingo Blitz, House of Fun, Caesars Slots, and World Series of Poker. The company uses data analytics, live-operations capabilities, and ongoing content updates to engage players and support the long-term performance of its games.

Founded in 2010, Playtika initially helped pioneer free-to-play social casino gaming on social networks and later expanded into mobile platforms.