Playtech (LON:PTEC) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Playtech plc (LON:PTEC) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 337.60 and traded as high as GBX 377.60. Playtech shares last traded at GBX 371.20, with a volume of 307,065 shares trading hands.

Analyst Ratings Changes

PTEC has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised 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. Jefferies Financial Group restated a “hold” rating and issued a GBX 405 price target on shares of Playtech in a research report on Thursday, July 9th. Finally, Citigroup upgraded Playtech to a “buy” rating in a research report on Friday, July 10th.

Playtech Stock Performance

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 business has a 50 day moving average price of GBX 341.49 and a two-hundred day moving average price of GBX 337.60. The stock has a market cap of £1.03 billion, a P/E ratio of 0.76, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64.

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

Insider Buying and Selling at Playtech

In related news, insider Chris McGinnis bought 27,080 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was bought at an average cost of GBX 372 per share, with a total value of £100,737.60. Also, insider Mor Weizer purchased 71,321 shares of Playtech stock in a transaction on Wednesday, May 20th. The stock was bought at an average price of GBX 375 per share, for a total transaction of £267,453.75. 0.82% of the stock is currently owned by 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.