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

Playtech plc (LON:PTEC)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 320.50 and traded as high as GBX 351. Playtech shares last traded at GBX 348.05, with a volume of 858,152 shares changing hands.

Analyst Upgrades and Downgrades

PTEC has been the topic of a number of research analyst reports. Jefferies Financial Group restated a “hold” rating and issued a GBX 405 target price on shares of Playtech in a research note on Wednesday, May 20th. Citigroup upped their target price on shares of Playtech from GBX 355 to GBX 400 and gave the stock a “buy” rating in a research note on Monday, March 30th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Playtech from GBX 443 to GBX 460 and gave the stock a “buy” rating in a research note on Thursday, May 21st.

Playtech Price Performance

The stock has a market cap of £967.05 million, a PE ratio of 0.72, a PEG ratio of 1.28 and a beta of 0.65. 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 firm’s 50-day moving average price is GBX 367.27 and its two-hundred day moving average price is GBX 320.50.

Playtech announced that its board has approved a stock buyback plan on Friday, March 27th that permits the company to buyback 5,660,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Mor Weizer bought 71,321 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average price of GBX 375 per share, for a total transaction of £267,453.75. Also, insider Chris McGinnis bought 27,080 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was bought at an average price of GBX 372 per share, for a total transaction of £100,737.60. 0.71% of the stock is owned by company 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.