Playtech (LON:PTEC) Shares Pass Below 200 Day Moving Average – Should You Sell?

Playtech plc (LON:PTEC) crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 331.16 and traded as low as GBX 303.60. Playtech shares last traded at GBX 307.01, with a volume of 483,314 shares traded.

Wall Street Analyst Weigh In

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

Playtech Trading Down 0.3%

The stock has a market cap of £853.02 million, a P/E ratio of 0.63, a P/E/G ratio of 1.28 and a beta of 0.90. The company has a debt-to-equity ratio of 24.36, a quick ratio of 1.09 and a current ratio of 1.42. The stock’s fifty day moving average is GBX 358.91 and its 200 day moving average is GBX 331.16.

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 outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Playtech

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

Playtech Company Profile

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.