Share on StockTwits

International Game Technology (NYSE:IGT) was downgraded by equities research analysts at Wells Fargo & Co. to a “market perform” rating in a research note issued to investors on Wednesday.

International Game Technology (NYSE:IGT) traded up 9.16% during mid-day trading on Wednesday, hitting $16.92. The stock had a trading volume of 74,480,832 shares. International Game Technology has a one year low of $12.14 and a one year high of $21.20. The stock has a 50-day moving average of $14.76 and a 200-day moving average of $14.64. The company has a market cap of $4.179 billion and a price-to-earnings ratio of 17.01. International Game Technology also was the target of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 11,721,837 shares, a decrease of 19.6% from the June 13th total of 14,578,488 shares. Approximately 4.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 9,603,630 shares, the days-to-cover ratio is presently 1.2 days.

International Game Technology (NYSE:IGT) last announced its earnings results on Tuesday, April 22nd. The company reported $0.20 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.19 by $0.01. The company had revenue of $512.80 million for the quarter, compared to the consensus estimate of $498.14 million. During the same quarter last year, the company posted $0.36 earnings per share. International Game Technology’s revenue was down 14.5% compared to the same quarter last year. On average, analysts predict that International Game Technology will post $1.03 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Telsey Advisory Group raised their price target on shares of International Game Technology from $13.00 to $18.25 in a research note on Wednesday. They now have a “not rated” rating on the stock. Separately, analysts at Buckingham Research initiated coverage on shares of International Game Technology in a research note on Friday, June 27th. They set a “neutral” rating and a $15.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of International Game Technology in a research note on Monday, June 16th. They now have a $15.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $15.79.

International Game Technology (NYSE:IGT) is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms: land-based, online real-money and social gaming.

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.