Jefferies Financial Group Downgrades Playtech (LON:PTEC) to Hold

Playtech (LON:PTEC) was downgraded by equities research analysts at Jefferies Financial Group to a “hold” rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. They presently have a GBX 240 target price on the stock, down from their previous target price of GBX 405. Jefferies Financial Group’s price target suggests a potential downside of 1.30% from the stock’s previous close.

Several other research firms have also commented on PTEC. Peel Hunt reaffirmed a “buy” rating and set a GBX 510 price target on shares of Playtech in a research report on Friday, August 1st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Playtech from GBX 417 to GBX 433 and gave the stock a “buy” rating in a research report on Thursday, September 11th.

Playtech Stock Performance

Shares of PTEC stock opened at GBX 243.15 on Tuesday. The stock’s 50-day moving average is GBX 299.70 and its two-hundred day moving average is GBX 348.69. The company has a debt-to-equity ratio of 40.06, a quick ratio of 1.09 and a current ratio of 1.55. Playtech has a 1 year low of GBX 210 and a 1 year high of GBX 447. The firm has a market cap of £737.78 million, a price-to-earnings ratio of 0.42, a PEG ratio of 1.28 and a beta of 1.26.

Playtech announced that its Board of Directors has approved a share buyback plan on Thursday, September 25th that allows the company to repurchase 0 outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.