Stock Repurchase Plan Declared by Playtech (LON:PTEC)

Playtech (LON:PTEC) declared that its board has authorized a share buyback program on Thursday, September 25th, RTT News reports. The company plans to repurchase 0 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Peel Hunt restated a “buy” rating and set a GBX 510 target price on shares of Playtech in a research note on Friday, August 1st. Deutsche Bank Aktiengesellschaft boosted their price objective on Playtech from GBX 417 to GBX 433 and gave the company a “buy” rating in a research report on Thursday, September 11th.

Playtech Stock Up 1.8%

Shares of LON:PTEC opened at GBX 365.12 on Friday. The business’s 50 day moving average is GBX 400.93 and its 200 day moving average is GBX 481.40. The stock has a market cap of £1.12 billion, a P/E ratio of 509.23, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. Playtech has a 52-week low of GBX 250.80 and a 52-week high of GBX 447. The company has a quick ratio of 1.09, a current ratio of 1.55 and a debt-to-equity ratio of 40.06.

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.