Playtech (LON:PTEC) Stock Crosses Below 200-Day Moving Average – Here’s Why

Playtech plc (LON:PTEC)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 341.59 and traded as low as GBX 278. Playtech shares last traded at GBX 286, with a volume of 99,119 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have commented on PTEC. Jefferies Financial Group downgraded shares of Playtech to a “hold” rating and cut their target price for the company from GBX 405 to GBX 240 in a research report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft increased their target price on Playtech from GBX 417 to GBX 433 and gave the company a “buy” rating in a research report on Thursday, September 11th.

Playtech Trading Up 0.9%

The company has a 50-day simple moving average of GBX 269.38 and a 200 day simple moving average of GBX 341.59. The firm has a market cap of £826.89 million, a PE ratio of 0.49, a price-to-earnings-growth ratio of 1.28 and a beta of 1.26. The company has a current ratio of 1.55, a quick ratio of 1.09 and a debt-to-equity ratio of 40.06.

Playtech declared that its board has initiated a stock buyback program on Thursday, September 25th that permits the company to buyback 0 outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.