Playtech (LON:PTEC) Stock Price Down 22.5% – Time to Sell?

Playtech plc (LON:PTEC)’s stock price traded down 22.5% during trading on Wednesday . The stock traded as low as GBX 210 ($2.81) and last traded at GBX 266.50 ($3.56). 8,431,737 shares changed hands during trading, an increase of 311% from the average session volume of 2,052,740 shares. The stock had previously closed at GBX 344 ($4.60).

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Jefferies Financial Group lifted their price target on shares of Playtech from GBX 395 to GBX 405 and gave the stock a “buy” rating in a research report on Friday, October 17th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Playtech from GBX 417 to GBX 433 and gave the stock a “buy” rating in a research report on Thursday, September 11th. Finally, Peel Hunt restated a “buy” rating and set a GBX 510 price objective on shares of Playtech in a report on Friday, August 1st.

Playtech Price Performance

The company has a market cap of £865.92 million, a price-to-earnings ratio of 0.49, a PEG ratio of 1.28 and a beta of 1.26. The company has a quick ratio of 1.09, a current ratio of 1.55 and a debt-to-equity ratio of 40.06. The company’s fifty day moving average price is GBX 379.31 and its two-hundred day moving average price is GBX 433.06.

Playtech declared that its board has authorized a stock buyback plan on Thursday, September 25th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership 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.