Playtech (LON:PTEC) Stock Price Up 16.5% – Time to Buy?

Playtech plc (LON:PTEC) shares traded up 16.5% during mid-day trading on Thursday . The stock traded as high as GBX 384.80 and last traded at GBX 374.06. Approximately 1,257,735 shares traded hands during trading, a decline of 89% from the average session volume of 11,017,529 shares. The stock had previously closed at GBX 321.20.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PTEC shares. Jefferies Financial Group reiterated a “hold” rating and issued a GBX 405 price objective on shares of Playtech in a research report on Thursday. Citigroup upped their target price on Playtech from GBX 355 to GBX 400 and gave the company a “buy” rating in a research note on Monday, March 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Playtech from GBX 443 to GBX 460 and gave the stock a “buy” rating in a research report on Thursday, May 21st.

Playtech Trading Up 16.5%

The firm has a market cap of £1.04 billion, a P/E ratio of 0.77, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The company has a current ratio of 1.42, a quick ratio of 1.09 and a debt-to-equity ratio of 24.36. The company’s fifty day moving average price is GBX 338.95 and its two-hundred day moving average price is GBX 333.16.

Playtech announced that its board has authorized a stock buyback program on Friday, March 27th that permits the company to buyback 5,660,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Mor Weizer bought 71,321 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of GBX 375 per share, for a total transaction of £267,453.75. Also, insider Chris McGinnis purchased 27,080 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were acquired at an average price of GBX 372 per share, for a total transaction of £100,737.60. Insiders own 0.82% of the company’s stock.

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.