Deutsche Bank Aktiengesellschaft Forecasts Strong Price Appreciation for Playtech (LON:PTEC) Stock

Playtech (LON:PTEC) had its target price boosted by analysts at Deutsche Bank Aktiengesellschaft from GBX 443 to GBX 460 in a report released on Thursday,London Stock Exchange reports. The brokerage presently has a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 34.11% from the company’s current price.

A number of other brokerages have also commented on PTEC. Citigroup increased their price objective on Playtech from GBX 355 to GBX 400 and gave the company a “buy” rating in a research report on Monday, March 30th. Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 405 price target on shares of Playtech in a research note on Wednesday.

Playtech Price Performance

Shares of PTEC traded down GBX 22 during mid-day trading on Thursday, hitting GBX 343. 6,956,595 shares of the company traded hands, compared to its average volume of 11,917,681. 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 stock has a market capitalization of £953.02 million, a price-to-earnings ratio of 0.70, a PEG ratio of 1.28 and a beta of 0.65. The business has a 50-day moving average of GBX 368.18 and a 200 day moving average of GBX 316.16. Playtech has a one year low of GBX 210 and a one year high of GBX 447.

Playtech declared that its Board of Directors has initiated a share buyback program on Friday, March 27th that authorizes the company to buyback 5,660,000 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Playtech

In other news, insider Mor Weizer acquired 71,321 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was purchased at an average price of GBX 375 per share, for a total transaction of £267,453.75. Also, insider Chris McGinnis acquired 27,080 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were purchased at an average price of GBX 372 per share, with a total value of £100,737.60. Corporate insiders own 0.71% 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.