Wedbush Downgrades Playtika (NASDAQ:PLTK) to Neutral

Playtika (NASDAQ:PLTK) was downgraded by equities research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. They currently have a $3.00 price target on the stock. Wedbush’s price objective would indicate a potential upside of 8.30% from the company’s current price.

Other research analysts also recently issued reports about the company. Citigroup cut their target price on Playtika from $7.00 to $5.50 and set a “buy” rating on the stock in a report on Friday, February 20th. Weiss Ratings raised Playtika from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, January 12th. Loop Capital set a $3.75 target price on Playtika in a report on Monday, November 3rd. Finally, Wall Street Zen lowered shares of Playtika from a “buy” rating to a “hold” rating in a report on Sunday, January 25th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Playtika presently has an average rating of “Hold” and an average target price of $4.68.

Playtika Price Performance

Shares of NASDAQ PLTK opened at $2.77 on Monday. The company has a 50 day simple moving average of $3.56 and a 200 day simple moving average of $3.73. Playtika has a 1 year low of $2.67 and a 1 year high of $5.59. The firm has a market cap of $1.05 billion, a PE ratio of -5.13, a price-to-earnings-growth ratio of 1.88 and a beta of 0.85.

Playtika (NASDAQ:PLTK) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.82) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.96). The business had revenue of $678.80 million during the quarter, compared to analyst estimates of $660.32 million. Playtika had a negative net margin of 7.49% and a negative return on equity of 211.76%. The company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) earnings per share. As a group, research analysts anticipate that Playtika will post 0.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Playtika

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC grew its position in shares of Playtika by 65.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,331,123 shares of the company’s stock worth $29,630,000 after buying an additional 2,511,228 shares during the period. Jane Street Group LLC grew its holdings in Playtika by 536.3% in the first quarter. Jane Street Group LLC now owns 1,354,552 shares of the company’s stock worth $7,003,000 after purchasing an additional 1,141,685 shares during the period. Denali Advisors LLC bought a new stake in Playtika in the third quarter valued at $3,004,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Playtika by 20.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,972,998 shares of the company’s stock valued at $15,455,000 after purchasing an additional 679,564 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position in shares of Playtika by 217.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 920,552 shares of the company’s stock worth $3,581,000 after purchasing an additional 630,884 shares in the last quarter. 11.94% of the stock is currently owned by institutional investors.

About Playtika

Playtika Ltd. (NASDAQ: PLTK) is a leading developer and publisher of free-to-play mobile and social games. Established in 2010 and headquartered in Herzliya, Israel, the company has built a reputation for creating engaging, social casino and casual gaming experiences. Playtika’s platform leverages data-driven analytics and in-game community features to drive player retention and monetization across multiple titles.

The company’s diverse portfolio includes flagship social casino games such as Slotomania, Bingo Blitz and Caesars Casino, as well as skill-based and casual offerings like World Series of Poker and House of Fun.