Playtech (LON:PTEC – Get Free Report) announced that its Board of Directors has initiated a share repurchase program on Friday, March 27th, RTT News reports. The company plans to repurchase 5,660,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
Playtech Stock Performance
Shares of PTEC opened at GBX 321 on Friday. The firm has a fifty day moving average of GBX 328.01 and a 200-day moving average of GBX 308.33. The company has a market cap of £906.73 million, a price-to-earnings ratio of 0.55, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The company has a debt-to-equity ratio of 24.36, a quick ratio of 1.09 and a current ratio of 1.42. Playtech has a 1 year low of GBX 210 and a 1 year high of GBX 447.
Wall Street Analyst Weigh In
Separately, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Playtech from GBX 433 to GBX 390 and set a “buy” rating on the stock in a research note on Friday, January 23rd.
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.
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