Playtech (LON:PTEC) Upgraded by Citigroup to “Buy” Rating

Citigroup upgraded shares of Playtech (LON:PTEC) to a buy rating in a research note issued to investors on Friday morning, MarketBeat.com reports.

Several other equities research analysts have also issued reports on PTEC. Jefferies Financial Group reiterated a “hold” rating and set a GBX 405 target price on shares of Playtech in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Playtech from GBX 443 to GBX 460 and gave the stock a “buy” rating in a research report on Thursday, May 21st.

Playtech Trading Up 2.7%

LON:PTEC opened at GBX 375.20 on Friday. The company has a market cap of £1.04 billion, a P/E ratio of 0.77, a P/E/G ratio of 1.28 and a beta of 0.64. The stock’s fifty day moving average price is GBX 338.62 and its two-hundred day moving average price is GBX 334.10. Playtech has a 1 year low of GBX 210 and a 1 year high of GBX 447. The company has a debt-to-equity ratio of 24.36, a current ratio of 1.42 and a quick ratio of 1.09.

Playtech declared that its board has approved a stock repurchase program on Friday, March 27th that authorizes the company to repurchase 5,660,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

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

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.