Activision Blizzard, Inc. (ATVI) Sees Large Growth in Short Interest

Activision Blizzard, Inc. (NASDAQ:ATVI) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 21,870,793 shares, a growth of 15.1% from the October 15th total of 19,008,944 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily trading volume, of 9,085,983 shares, the days-to-cover ratio is presently 2.4 days.

ATVI has been the subject of several analyst reports. BidaskClub lowered Activision Blizzard from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. BTIG Research boosted their target price on Activision Blizzard from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, October 16th. KeyCorp decreased their target price on Activision Blizzard from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, October 31st. Argus reiterated a “buy” rating and issued a $90.00 price objective (up from $81.00) on shares of Activision Blizzard in a research report on Friday, September 21st. Finally, SunTrust Banks set a $85.00 price objective on Activision Blizzard and gave the company a “buy” rating in a research report on Wednesday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $77.62.

NASDAQ ATVI opened at $55.01 on Friday. The company has a market capitalization of $48.98 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 1.71 and a beta of 1.11. The company has a current ratio of 2.98, a quick ratio of 2.96 and a debt-to-equity ratio of 0.42. Activision Blizzard has a 52 week low of $53.50 and a 52 week high of $84.68.

Activision Blizzard (NASDAQ:ATVI) last released its earnings results on Thursday, November 8th. The company reported $0.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.03). The firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.66 billion. Activision Blizzard had a net margin of 6.96% and a return on equity of 16.39%. The company’s revenue was down 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. As a group, equities analysts expect that Activision Blizzard will post 2.49 EPS for the current year.

In other news, CEO Riccardo Zacconi sold 19,761 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $68.70, for a total transaction of $1,357,580.70. Following the completion of the transaction, the chief executive officer now directly owns 20,324 shares in the company, valued at approximately $1,396,258.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.29% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Xact Kapitalforvaltning AB raised its position in shares of Activision Blizzard by 3.8% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 159,450 shares of the company’s stock worth $12,169,000 after purchasing an additional 5,888 shares during the last quarter. Gofen & Glossberg LLC IL acquired a new position in shares of Activision Blizzard during the 2nd quarter worth about $905,000. First Citizens Bank & Trust Co. acquired a new position in shares of Activision Blizzard during the 2nd quarter worth about $1,700,000. Bremer Trust National Association acquired a new position in shares of Activision Blizzard during the 2nd quarter worth about $258,000. Finally, Peregrine Capital Management LLC raised its position in shares of Activision Blizzard by 0.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 243,301 shares of the company’s stock worth $18,569,000 after purchasing an additional 735 shares during the last quarter. Hedge funds and other institutional investors own 86.92% of the company’s stock.

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Activision Blizzard Company Profile

Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. The company develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.

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