Playtech (LON:PTEC) Shares Pass Below 200-Day Moving Average – Here’s What Happened

Playtech plc (LON:PTEC) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 366.38 and traded as low as GBX 230.50. Playtech shares last traded at GBX 232, with a volume of 948,709 shares.

Wall Street Analyst Weigh In

PTEC has been the subject of several research reports. Jefferies Financial Group lifted their price target on Playtech from GBX 395 to GBX 405 and gave the stock a “buy” rating in a report on Friday, October 17th. Peel Hunt reiterated a “buy” rating and set a GBX 510 price objective on shares of Playtech in a research report on Friday, August 1st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Playtech from GBX 417 to GBX 433 and gave the company a “buy” rating in a research report on Thursday, September 11th.

Playtech Stock Down 1.3%

The firm has a 50 day simple moving average of GBX 319.82 and a two-hundred day simple moving average of GBX 366.38. The stock has a market capitalization of £694.85 million, a P/E ratio of 0.39, 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.

Playtech announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 25th that allows the company to buyback 0 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.