Playtech (LON:PTEC) Upgraded at Citigroup

Playtech (LON:PTEC) was upgraded by stock analysts at Citigroup to a “buy” rating in a report released on Friday,London Stock Exchange reports.

Other research analysts have also issued reports about the company. Jefferies Financial Group restated a “hold” rating and issued a GBX 405 price target on shares of Playtech in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on Playtech from GBX 443 to GBX 460 and gave the stock a “buy” rating in a report on Thursday, May 21st.

Playtech Trading Up 4.1%

PTEC stock opened at GBX 380.40 on Friday. The business has a fifty day moving average of GBX 338.61 and a 200-day moving average of GBX 333.81. The company has a quick ratio of 1.09, a current ratio of 1.42 and a debt-to-equity ratio of 24.36. The company has a market cap of £1.06 billion, a P/E ratio of 0.78, a PEG ratio of 1.28 and a beta of 0.64. Playtech has a twelve month low of GBX 210 and a twelve month high of GBX 447.

Playtech announced that its board has initiated a share buyback plan on Friday, March 27th that allows the company to repurchase 5,660,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Chris McGinnis acquired 27,080 shares of the stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of GBX 372 per share, for a total transaction of £100,737.60. Also, insider Mor Weizer acquired 71,321 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of GBX 375 per share, with a total value of £267,453.75. 0.82% of the stock is owned by corporate insiders.

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.