Playtika (NASDAQ:PLTK) Shares Up 7.7% – Here’s What Happened

Playtika Holding Corp. (NASDAQ:PLTK)’s stock price rose 7.7% during mid-day trading on Tuesday . The company traded as high as $3.76 and last traded at $3.8350. 928,718 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 1,631,749 shares. The stock had previously closed at $3.56.

Wall Street Analyst Weigh In

PLTK has been the subject of several recent research reports. The Goldman Sachs Group reduced their price objective on Playtika from $4.75 to $4.25 and set a “neutral” rating for the company in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Playtika in a research note on Friday, May 29th. Roth Mkm upped their target price on shares of Playtika from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Wedbush lowered shares of Playtika from an “outperform” rating to a “neutral” rating and set a $3.00 target price for the company. in a report on Monday, March 2nd. Finally, TD Cowen reiterated a “buy” rating on shares of Playtika in a research report on Tuesday, June 9th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Playtika currently has an average rating of “Hold” and an average target price of $4.00.

Playtika Price Performance

The stock has a 50 day simple moving average of $3.45 and a two-hundred day simple moving average of $3.46. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -4.84 and a beta of 1.08.

Playtika (NASDAQ:PLTK) last issued its earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.22). Playtika had a negative return on equity of 67.46% and a negative net margin of 10.54%.The company had revenue of $744.70 million during the quarter, compared to analyst estimates of $694.68 million. During the same period last year, the business earned $0.08 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, research analysts forecast that Playtika Holding Corp. will post 0.64 EPS for the current year.

Hedge Funds Weigh In On Playtika

A number of hedge funds have recently made changes to their positions in PLTK. AQR Capital Management LLC boosted its stake in shares of Playtika by 65.7% in the second quarter. AQR Capital Management LLC now owns 6,331,123 shares of the company’s stock valued at $29,630,000 after purchasing an additional 2,511,228 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in Playtika by 20.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,972,998 shares of the company’s stock worth $15,455,000 after purchasing an additional 679,564 shares during the period. The Manufacturers Life Insurance Company raised its position in Playtika by 19.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,708,556 shares of the company’s stock valued at $17,541,000 after purchasing an additional 595,494 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Playtika by 15.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,191,732 shares of the company’s stock valued at $12,416,000 after buying an additional 432,060 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Playtika by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,765,918 shares of the company’s stock valued at $6,976,000 after buying an additional 33,306 shares during the period. Hedge funds and other institutional investors own 11.94% of the company’s stock.

About Playtika

Playtika Ltd. (NASDAQ: PLTK) is a leading developer and publisher of free-to-play mobile and social games. Established in 2010 and headquartered in Herzliya, Israel, the company has built a reputation for creating engaging, social casino and casual gaming experiences. Playtika’s platform leverages data-driven analytics and in-game community features to drive player retention and monetization across multiple titles.

The company’s diverse portfolio includes flagship social casino games such as Slotomania, Bingo Blitz and Caesars Casino, as well as skill-based and casual offerings like World Series of Poker and House of Fun.